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bitcoin
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binancecoin
BNB (BINANCECOIN)
$1,240 -5.95%
solana
Solana (SOLANA)
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ripple
XRP (RIPPLE)
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shiba-inu
Shiba Inu (SHIBA-INU)
$0.000012 -4.20%
pepe
Pepe (PEPE)
$0.000009 -5.11%
bonk
Bonk (BONK)
$0.000019 -6.51%
bitcoin
Bitcoin (BITCOIN)
$120,616 -2.42%
ethereum
Ethereum (ETHEREUM)
$4,312 -4.69%
binancecoin
BNB (BINANCECOIN)
$1,240 -5.95%
solana
Solana (SOLANA)
$217.80 -4.46%
ripple
XRP (RIPPLE)
$2.79 -4.05%
shiba-inu
Shiba Inu (SHIBA-INU)
$0.000012 -4.20%
pepe
Pepe (PEPE)
$0.000009 -5.11%
bonk
Bonk (BONK)
$0.000019 -6.51%
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Monero Price Analysis: Why XMR Could Rally to $400 Soon

Highlights:

  • Monero is trading at the $340.70 resistance
  • A push through this resistance could trigger a rally to $400
  • Pro privacy coins narrative likely to push Monero to $400, or higher 

Monero (XMR) is one of the few top 100 cryptocurrencies still in the green today. At the time of going to press, Monero was trading at $341.25, up by 5.72% in the day. Monero’s price action in the day has been followed by an increase in trading volumes. 

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Over the last 24 hours, Monero trading volumes have increased by 6% to $254.5 million. This increase in trading volumes alongside the price is a strong indicator that bullish momentum is on the rise. There is a confluence of bullish factors that are driving this momentum and could help push XMR higher going forward. 

Rising Investor Interest In Privacy Coins Pushing Monero Higher

One of these factors is the rising investor interest in privacy coins. For a while now, privacy cryptocurrencies have underperformed the broader market. This was due to a crackdown on them by exchanges and regulators worldwide, who were taking a harder stance against them. However, it is this very crackdown on privacy coins that is giving them a new lease of life. That’s because people are increasingly craving privacy in finance now that governments are coming up with ever-tighter KYC laws.

Additionally, developments such as CBDCs and government-mandated digital IDs have given digital assets a premium more than ever before. As a result, despite the crackdown on privacy coins by exchanges, investor demand has shifted to other avenues. Monero, being one of the largest and best-known privacy coins, is one of the most attractive options for investors in this regard. This is a factor that could sustain high investor demand for Monero and drive the price to new highs in the short to medium term. 

Monero Stays Strong Amid FUD, Attracting New Investors

Investors are also increasingly drawn to Monero for its resilience. Most cryptocurrencies tend to be highly sensitive to negative news and rarely recover. Monero has been an exception so far. In September, Monero was hit with a network reorganization that lasted for over 30 minutes.

Around the same period, a report emerged showing that 14% of Monero’s reachable peers exhibit anomalous behaviour, potentially indicating that they are monitoring the network or preparing for an attack. 

Another report also emerged, showing that Monero was under the control of a few supernodes, with the rest of the nodes operating in the periphery. Despite all this FUD, Monero remained in the green for the better part of September. Currently, it continues to exhibit strength, up 32% over the last 30 days.

Such price action is an indicator that the Monero community has faith in the network. It also indicates that Monero’s value is not speculative, but rather is based on real-world demand for everyday transactions. This price stability, despite FUD, is attracting new capital to Monero in large numbers. With the narrative increasingly turning pro-privacy coins, the odds are high that Monero could attract the most capital due to its resilience. This puts it in pole position for a rally to new highs in the short to medium term.

Technical Analysis – Monero Trading At Resistance

Monero is attempting to break the $340.70 resistance for the second time in 24 hours. If bulls take control and push Monero through the $340.70 resistance, a short-term rally to $400 could follow.

XMR
Source: TradingView

However, if bulls fail to break the $340.70 resistance, a correction to the $331.01 support could follow in the short term. Of these two scenarios, the odds are higher for a rally to the $400 resistance. This is due to the buildup of positive momentum around privacy coins and the fact that Monero is one of the best-known cryptocurrencies in this category.

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