XMR has bounced back from delisting and regulatory issues, surging 4.39% in the last seven days. This recovery could push its price towards $190.
Over the last six months, Monero (XMR) has faced challenges due to delistings from several exchange platforms. In February, Binance (BNB) announced that it would be removing XMR from its exchanges.
Monero (XMR) Faces Challenges but Shows Signs of Recovery
On June 10th, Kraken announced the delisting of Monero (XMR) in Ireland and Belgium, following similar actions in the U.K. This move by Kraken and Binance to remove privacy-focused coins like XMR highlights the regulatory challenges confronting cryptocurrencies.
In Europe, the passing of the AMLR (Anti-Money Laundering Regulation) is expected to lead to the disappearance of privacy coins from the market. The delistings have significantly impacted XMR’s market growth and price stability.
Despite this tough environment, XMR has shown recovery over the past month. It has gained 12.20% in the last 30 days and 4.39% in the past seven days. Additionally, XMR’s trading volume has surged by 7.61% to $52 million in the last 24 hours.
This recovery has sparked optimism among analysts, with predictions suggesting a potential rise to $190. Crypto analyst Sebastian noted on X (formerly Twitter) that Monero is showing significant market promise, gaining momentum off the 20-day EMA at $165. He sees potential targets of $180 and possibly $190, emphasizing XMR’s resilience and its important role in the crypto ecosystem.
Another analyst, ChartMonkey, shared long-term projections, predicting a breakout towards the all-time high in May 2025. He highlighted Monero’s strong potential for exceptional performance and advised doing your own research (DYOR).
Positive Market Indicators for Monero (XMR)
According to Market Prophit, the crowd sentiment for Monero (XMR) was positive, with a score of 0.089, and Buzz’s score was 1.0853. The Money Flow Index (MFI) has risen from 26 to 54 over the past week, indicating increasing buying pressure and a shift towards a bullish market sentiment, with more money flowing into the altcoin.
Additionally, the Relative Strength Index (RSI) has increased from 48 to 55 in the last seven days. This sustained rise in RSI suggests that recent gains are outpacing losses, pointing to growing bullish momentum.
Source: Santiment
Sentiment data shows that the Funding Rate aggregated by exchanges has been positive for the past week. At press time, XMR’s Funding Rate was 0.01, indicating that investors are willing to pay a premium to hold long positions, reflecting confidence in future price increases.
Furthermore, Coinglass reports that XMR has experienced little to no liquidation for both long and short positions. This low level of liquidation suggests that long position holders are maintaining their positions, while few investors are betting against the market with short positions.
Source: Coinglass
Monero (XMR) Price Update and Projections
At press time, XMR was trading at $169.03 after breaking through the $168 resistance level. This breakout suggests a potential rise to the next significant resistance level around $174.
In a more bullish scenario, XMR could reach $179 in the short term. However, if the market experiences a correction, the price may decline to a critical support level at $158.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
