Monero (XMR) Price Has Surged This Month, Becoming One of the Best-Performing Cryptocurrencies

This month has seen a strong rally for Monero, a leading player in the privacy industry. This surge marks a great renaissance for a cryptocurrency that remained in a tight range for over two years.

Monero (XMR) price has experienced a robust rally this month, becoming one of the best-performing cryptocurrencies. The cryptocurrency has risen for seven straight weeks and is now nearing its all-time high of $515.

Earlier this month, Monero price hit the key resistance level of $241, its highest point since January and February 2022. The cryptocurrency recovered quickly from the March 2022 lows of $93.3, a move that saw it lose nearly 70% from the highs.

After hitting the resistance level, XMR price continued surging and managed to break above the crucial resistance zone of $250. At the time of writing, XMR is trading at $241.1 and could continue rising in the coming weeks.

Here’s a closer look at why Monero has been surging and what technical analysis suggests for the future of XMR price.

Why Has Monero Price Surged?

This month has seen a strong rally for Monero, a leading player in the privacy industry. The surge marks a great renaissance for a cryptocurrency that remained in a tight range for over two years.

Between May 2022 and December last year, Monero remained within the support and resistance levels of $108.4 and $186. During this period, it was delisted by some of the biggest cryptocurrency exchanges, like Binance and Coinbase.

Exchanges delisted it as American authorities started their crackdown on privacy-focused cryptocurrencies like Tornado Cash, a popular crypto mixer. They arrested its founder and issued sanctions against it.

Monero price has rebounded this year after a US court ruled that authorities erred in sanctioning the coin. Furthermore, it ordered sanctions against the coin, which took place earlier this year.

Therefore, analysts believe that some of the exchanges will ultimately relist the XMR token. This also explains why Zcash (ZEC), another privacy coin, has surged in the past few weeks.

XMR price has also jumped as aggregated open interest has continued rising. Data shows that the interest soared to 44.42 million, up from April’s low of 13 million.

This increase in open interest might be linked to a hacker who recently moved stolen coins through the Monero network. The hacker stole a large sum of crypto from the Solana-based DeFi protocol, rendering the protocol’s token nearly worthless.

On a positive note, the funding rate has remained positive over the past few months, a sign that investors expect the future price will be higher than the current price.

Monero Price Technical Analysis

The daily chart shows that the Monero price has been in a strong uptrend, adjusting to the Average Directional Index (ADX) and other technical indicators. It has moved above the key resistance level at $241, its highest point in January and February.

The ADX has jumped to 73.43, a sign that the trend is strengthening. Also, there are signs that it is being highly overbought as the Relative Strength Index (RSI) and the Stochastic surge. Despite this, buying pressure is still strong.

Therefore, the XMR price is likely to continue rising as bulls aim for the all-time high of $515. Afterward, a downtrend may resume as investors begin to take profits.