Here's Why Monero (XMR) Price is Pumping

Monero (XMR) is shaking things up after jumping 26% in price over the past day, now trading around $288.84. By Lucas Outmezguine. Updated Apr 28, 2023 at 1:13 a.m. PDT.

Monero (XMR) price is up 26% in 24 hours and trading volume has increased by 293%. Its price is currently standing at $288.84.

Several reports suggest that Monero’s EP159 and EP160 upgrades are getting closer to launching on the mainnet.

One of the biggest changes coming with EP159 is that it could make Monero more “compliance-friendly” without sacrificing the privacy it’s known for.

Thanks to self-contained proofs of transaction validity, exchanges would be able to verify deposits without needing to peek into users’ private information.

I bet EP159 upgrade is the reason behind Monero's pump today.

TL;DR: $XMR going back to Binance and Coinbase, and the European market as it will now compatible with MiCA regulations.

Both EP159 and EP160 to be pushed in mainnet soon.

A visual shared alongside the upgrade details shows how EP159 could lower the compliance hurdles that have kept Monero off major platforms.

It might find its way back to big exchanges like Binance and Coinbase, and this move could also make Monero compatible with Europe’s new MiCA regulations.

The idea of seeing Monero re-listed on major, regulated exchanges is giving the community a lot of hope. It could especially boost Monero’s presence in privacy-friendly regions like Switzerland and parts of Asia, where demand for privacy coins has always stayed strong.

Monero Technical Setup Points Toward Breakout

According to a recent analysis by crypto analyst Mihir, Monero price has been forming a classic ascending triangle pattern over the last eight years. This technical structure, often associated with bullish outcomes, showcases a flat resistance zone encountered three times previously during prior bull runs in 2018 and 2021.

The analyst highlights that although the precise price levels are subject to change, the chart structure used in his visual places this resistance band at around $470-$500. In contrast, the steadily rising support line, denoted by the green line on the chart, appears to be holding strong at lower price points.

As the analysis continues, it's noted that in the process of completing the triangle, Monero price will need to breakout from the resistance zone. If successful, the projected target price for this move is around $900-$1,000. This is determined by measuring the height of the triangle and applying it to the breakout point.

Analyst Adds BTC Technical Analysis: Breakout on Point, Volume Trends Key

According to crypto analyst Mihir, Bitcoin price is showing strong signs of a breakout from a long-term pennant pattern, which could propel BTC to new all-time high (ATH) levels.

The analyst's analysis, shared via Twitter on Friday, highlights the key technical factors at play in Bitcoin’s recent price action.

According to the analyst, Bitcoin price has been forming a pennant pattern since November 2022, a bullish structure that indicates a continuation of the prevailing trend.

In this case, the pennant is unfolding in the context of a long-term uptrend that commenced in March 2020, following the onset of the COVID-19 pandemic.

The pennant pattern is characterized by a period of consolidation, typically enclosed by two converging lines, and occurs after a strong initial move.

In this instance, the pennant follows a nearly vertical ascent from the lows of 2022 to new highs in 2023.

According to Mihir, the pennant is nearing completion, and a breakout to the upside is anticipated soon.

Moreover, the analyst points out that volume trends will be crucial in confirming the breakout and its implications for the subsequent price move.

If the breakout occurs on good volume, it could launch Bitcoin to new all-time high levels. However, a breakout on low volume might indicate that the breakout is premature, and more accumulation is needed before another leg up.

Monero’s Resilience Against Market Pressure

Another factor adding to Monero’s rally is its resilience in the face of regulatory pressure.

Crypto analyst Monero Mavrick pointed out on X that despite being listed on only one exchange in the United States and being targeted by IRS bounty and regulators, Monero added $1 billion to its market capitalization in less than 12 hours.

This shows that demand for privacy-focused cryptocurrencies is still robust even under tight market scrutiny. Monero’s ability to sustain growth amid an aggressive regulatory environment adds to its reputation as a long-standing privacy asset.

Monero is on one exchange in the entire US due to regulators fuming at its existence

And yet after all the delistings, IRS bounty and attacks, $XMR has added $1B in market cap in less than 12 hours