Monero price has experienced a robust rally this month, becoming one of the best-performing cryptocurrencies. XMR has risen for seven straight weeks and is now nearing its all-time high of $515.
Why Monero Price Has Surged
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.
Between May 2022 and December last year, Monero remained within the support and resistance levels of $108.4 and $186. During this period, some of the biggest cryptocurrency exchanges, like Binance and Coinbase, delisted it.
Exchanges delisted the privacy coin as American authorities started their crackdown on privacy-focused cryptocurrencies like Tornado Cash, a popular cryptocurrency mixer service. 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 imposed 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.
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.
XMR Price Technical Analysis
The daily chart shows the Monero price has been in a strong uptrend, as we predicted here. It has moved above the key resistance level at $241, its highest point in January and February.
The Average Directional Index (ADX) has jumped to 73.43, a sign that the trend is strengthening. Also, there are signs that it is being highly overbought, such as the Relative Strength Index (RSI) and the Stochastic surge.
Therefore, the XMR price will likely continue rising as bulls aim for the all-time high of $515. Afterward, a downtrend may resume as investors begin to take profits.
