Monero's XMR Token Reverses February Slide With Golden Cross (2024)
XMR briefly topped $180 last week, reversing the Binance-led February slide.
The token has gained nearly 25% in four weeks amid a crackdown on Botnet mining.
XMR's daily chart shows a bullish golden cross pattern.
It is said that markets typically fall fast and rise slowly. This year's price action of privacy-focused cryptocurrency Monero (XMR) is a perfect example.
XMR crashed over 35% to $100 in early February after Binance, the leading cryptocurrency exchange by trading volume and open interest, delisted the token, saying it didn't meet the exchange's standard.
It has taken XMR four months to recoup the slide. The cryptocurrency briefly topped $180 last week, hitting the highest since January 23, and was last seen changing hands near $170 on Kraken, according to charting platform TradingView.
XMR has gained nearly 25% in four weeks, outperforming most top 100 cryptocurrencies by market value, including bitcoin (BTC) and ether (ETH).
While the exact reason for the price surge is not apparent, social media chatter suggests the recent crackdown on Botnet mining in some European countries may have helped.
Botnet mining is a malicious practice of remotely using a compromised computer network to mine a cryptocurrency. Cybercriminals have long preferred XMR for botnet mining as its privacy features make it difficult for law enforcement agencies to track the flow of funds obtained through botnet mining and other illegal activities.
The recent decision by 2Miners, one of the leading monero mining pools, to discontinue mining XMR may have also contributed to the rally. The miner announced the XMR delisting on June 10.
Golden cross
It's worth noting that while XMR has reversed the February slide, it is yet to break out of the two-year trading range of $100-$185. Momentum studies do suggest the potential for a breakout ahead.
For instance, the 50-day simple moving average of XMR's price has crossed above the 200-day SMA, confirming what is known as a golden cross. The pattern suggests a potential long-term bullish shift in momentum.
On 20 February 2024, the cryptocurrency exchange Binance delisted Monero, citing regulatory compliance. On 11 April 2024, Kraken announced they would be delisting Monero for users located in Ireland and Belgium on June 10, 2024. As of 10 May 2024 Monero deposits and trades have been suspended.
Monero is a privacy crypto designed to confuse anyone investigating transactions. Its techniques break transactions into smaller amounts and mix them up, making them nearly impossible to trace. For this reason, it is illegal to use in some countries, while others allow it but monitor transactions carefully.
Binance, the world's largest cryptocurrency exchange, recently announced the delisting of Monero (and several other privacy coins), a decision that led to a sharp downturn in the market value of XMR – the token of the Monero project – to a 20-month low.
Yes, Monero mining can still be profitable in 2024, but profitability depends on various factors such as electricity costs, mining equipment efficiency, and market conditions. Monero mining emphasizes decentralization and privacy.
With Monero (XMR), you need to wait for 10 confirmations before the Monero you received becomes available. This means that newly received funds or change returned to your wallet from transactions you sent will be locked until they reach 10 confirmations.
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