The Monero price has surged in the past few months, rising from a low of $167 in January to $420. The XMR price then retreated to $312 last week, but resumed the uptrend and was trading at $353 on Tuesday. This article examines the reasons behind the rising XMR price, focusing on the resistance level at $500, and highlights some of the top privacy coins to consider for investment.
Why Monero Privacy is Soaring
XMR price is on a strong bullish trend as investors cheer a recent decision by a US court to end sanctions on Tornado Cash, a crypto mixer. US authorities argued that the government erred when it sanctioned a piece of software. Therefore, some exchanges that delisted Monero due to privacy concerns may relist it again.
Monero’s surge could also be part of a market manipulation scheme after hackers converted stolen Bitcoins worth over $300 million to Monero. Hackers love Monero because of its privacy features that make it impossible to track transactions.
The chart below shows that the XMR price recently bottomed at $312 and then began to rebound. A move above $420 will point to more gains, potentially to $500, since it will invalidate the double-top pattern.
READ MORE: Here’s Why Monero (XMR) Price is Surging and Next Level to Watch
Top Privacy Coins to Buy as XMR Price Surges
Some of the top privacy tokens to buy are Zcash, Dash, and Horizen.
Zcash (ZEC)
Zcash is one of the top privacy coins to buy as Monero surges. ZEC has already surged by over 100% from its lowest level this year, and is hovering at its highest point since January 18. It has also formed a golden cross as the 50-day and 200-day Exponential Moving Averages (EMA) crossed each other.
Zcash is a privacy coin because it offers two types of transactions: shielded and transparent. The first one is a transparent address that displays all transactions publicly. It also offers shielded addresses that use the zk-SNARK encryption model, making its transactions hard to track. Zcash price may ultimately jump by 50% to last year’s high of $80.
Dash (DASH)
Dash is another top privacy coin to buy as demand rises. It is a privacy coin due to its protection of all transactions. One way it achieves privacy is through a feature known as PrivateSend, which mixes transactions, making them difficult to track. It also features a technology known as ChainLock, which makes its blockchain instantly immutable. In this process, users initiate transactions using a public address and a private key to sign them.
The Dash price has not participated in the ongoing surge of privacy coins, as its token has remained within a tight range. It is likely that it is currently in the accumulation phase, ahead of an eventual rebound.
Horizen (ZEN)
Horizen is another high-quality privacy coin to consider for purchase. It ensures that all transactions are private by utilizing zk-SNARKs technology, which allows transactions to be validated without revealing sensitive data. It uses a similar approach to the Zcash token.
Horizen’s price has remained in a tight range over the past few months, hovering between the support and resistance levels at $7.8 and $11.26. This consolidation is likely part of the accumulation phase, which may lead to a strong bullish breakout later this year.
