Monero is back in the spotlight after a swift rally that has caught the eye of both crypto traders and privacy advocates. The current XMR price stands at $336.63, up 9.36% in just 24 hours and gaining 5.89% over the week. With its market cap surging to $6.21 billion and daily trading volume reaching $208.28 million, this privacy-based token is signaling renewed interest driven by several important factors.
Monero Price Analysis
From a technical standpoint, XMR’s price has convincingly broken out above its 30-day SMA at $307.81. And also, the crucial Fibonacci 23.6% retracement level at $327.76. This breakout, accompanied by daily lows of $305.20 and highs touching $336.30, marks the beginning of a broader bullish trend. Traders interpreted the move above the $330 area as a bullish confirmation.
Even though momentum indicators like the MACD histogram remain negative (-1.22), suggesting some lingering caution. The RSI holds steady near 52.68. The price is also climbing within an ascending channel, hinting at sustained buying interest. Looking ahead, a decisive close above the October swing high at $345.99 could launch the next price targets at $367. A move above which could open the doors to $393.
It is worth noting that volume remains a crucial metric. Sustained trading activity above $200 million per day would cement the bullish case and confirm underlying trend strength.
FAQs
The rally is mainly fueled by revived interest in privacy coins, a successful network upgrade, and a powerful technical breakout above key resistance levels.
With the RSI at 52.68, Monero is sitting comfortably in neutral territory, so neither condition applies right now.
If the price closes above $345.99, targets of $367 and $393 come into play, especially if volume stays consistently above $200 million per day.
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