- On Sunday, Monero (XMR) price witnessed a spike of 5%, helping its price to soar from $373 and $397 with a market capitalization of $7.35 billion.
- The surge in the XMR price comes after it soared above a major resistance level at $378, and if it manages to hold this position for long, it could see a further rally.
- The current price of XMR is above the 50-day exponential moving average and 200-day moving average, which is a major bullish sign.
On April 26, Monero (XMR), one of the leading privacy coins, soared by around 5% in the last 24 hours, sparking euphoria in the privacy coin community.
The surge comes after an impressive rally in Bitcoin (BTC), which currently holds above $77,000. This rally in BTC has sparked bullish sentiment across the overall crypto market.
At the time of writing this, MoneroXMR-2.48% is trading at around $398.49 with a surge of around 5%, according to CoinMarketCap. The privacy coin holds an impressive market capitalization of around $7.35 billion, and the daily trading volume revolves around $109.42 million.
Monero Breaks A Major Resistance Level at $378
According to the current price chart, Monero has broken through a major barrier at $378 with impressive higher trading volume. This breakout triggered multiple bullish patterns. This includes a series of rising lows and constant trading above important moving averages.
The 50-day exponential moving average is sitting at around $351. The 200-day version holds at $364. The current price of XMR is above both of these levels. This is a major sign that traders are seeing as confirmation in the bullish pattern.
The Relative Strength Index is around 61. This suggests that the cryptocurrency has strong buying momentum without entering the overbought zone above 70. At the same time, the moving average convergence divergence indicator has generated a positive crossover.
Monero is moving within a rising channel pattern on its four-hour chart. This positive structure suggests that the price is climbing steadily between two upward-sloping lines. The cryptocurrency cleared the $378 resistance area on volume that exceeded the average level. This price movement has validated the breakout.
According to the current price chart, there is a major resistance level at around $400. A clear break above this threshold with a large trading volume could open the door for higher targets in the $420 to $450 range.
On the flip side, there is a major support level at the recent breakout area around $370. This price level could be set as a base for any short-term pullbacks in the XMR’s price.
Monero Network Supports Bullish Momentum
In recent months, privacy coins have witnessed an impressive surge. This consistency shows that people continue using the network for actual transactions, even though XMR’s privacy features hide exact transfer amounts.
The Monero network hashrate is currently revolving around 5.47 gigahashes per second. This shows that investors have strong miner engagement and good protocol security. These on-chain data show that the currency surge in the cryptocurrency’s price is supported by real utility.
Recently, privacy coins have grabbed headlines after many governments around the world have implemented stricter financial surveillance guidelines. Monero is a unique cryptocurrency because of its default privacy features. This helps those users who are worried about tracking and financial freedom.
Monero has recently celebrated its 12th anniversary. Apart from this, the FCMP++ upgrade rolled out across the network. This upgrade has introduced anonymity through full chain membership proofs. The new system replaces older “ring signature” methods with more efficient and secure proofs.
Apart from this, the planned integration with THORChain has generated interest. This cross-chain protocol will open the door for native Monero swaps directly with Bitcoin, Ethereum, and other digital assets without wrapping tokens or depending on custodians. For the same, simulations for the integration have passed testing phases. The mainnet deployment is expected to take place in the next 1 to 2 months.
Also Read: Polygon (POL) Price Faces Pressure as Payment Strategy Expands
