- Monero (XMR) witnesses a 4.39% surge over the past week.
- Ongoing recovery from recent delistings and regulatory challenges could potentially propel XMR to $190.
- Monero has faced delisting by major exchanges such as Binance and Kraken in recent months.
Monero shows resilience amidst regulatory challenges, aiming for recovery and potential price surge.
Monero’s Rebound Following Delistings
Despite being removed from multiple exchange platforms in the past six months, Monero has managed to maintain a recovery trajectory. February saw Binance announcing its plans to delist XMR, followed by Kraken’s decision to remove Monero from its platforms in Ireland, Belgium, and the UK. These actions highlight the growing regulatory scrutiny on privacy-focused cryptocurrencies.
Analysis of Recent Market Performance
Within the past month, Monero has shown a notable recovery, increasing by 12.20%, and 4.39% in just the last week. In the most recent 24-hour period, the trading volume for XMR has surged by 7.61% to reach $52 million. The optimism around Monero’s recovery is growing, with analysts predicting a climb towards $190. As Sebastian, a crypto analyst, pointed out, Monero is gaining momentum and is expected to hit key price targets.
“Monero (XMR) demonstrates significant market promise, with potential targets of $180 and $190, showcasing its key role in the crypto ecosystem.”
Another market analyst, ChartMonkey, forecasts a breakout towards the all-time high by May 2025, indicating Monero’s strong potential for exceptional long-term performance.
Market Fundamentals and Sentiment
Market analysis by COINOTAG indicates a positive sentiment surrounding Monero. Indicators such as the Money Flow Index (MFI) rising from 26 to 54 suggest increased buying pressure, which has turned the market sentiment bullish. The RSI has also increased from 48 to 55, indicating an upward momentum. Furthermore, the Funding Rate aggregated by exchanges has remained positive at 0.01, demonstrating investor confidence in future price increases.
These bullish fundamentals are further supported by low liquidation levels reported by Coinglass, indicating that long position holders are maintaining confidence in the market.
Future Outlook for Monero
Currently trading at $169.03, Monero has broken past the $168 resistance level. This breakout suggests a potential rise to the next resistance level around $174. In an optimistic scenario, Monero could reach $179 in the short term. However, any market correction could see it retracing to the critical support level at $158.
Conclusion
Monero’s ongoing recovery and resilience amid regulatory hurdles present a promising outlook for this cryptocurrency. With positive market sentiment and increasing buying pressure, XMR seems poised for a substantial rebound. While challenges remain, Monero’s ability to sustain its recovery could see it reaching significant price milestones in the near future.
