XMR is showing early signs of recovery, up 5.8% over the past 24 hours, sparking renewed optimism among advocates of the privacy-focused cryptocurrency.
At press time, Monero (XMR) was trading at $154.14, marking a 12.56% rebound from its monthly low. This surge has been accompanied by a significant increase in daily trading volume, which rose by 33% to exceed $65 million, according to CoinGecko.
Despite the uptick, Monero remains 71.5% below its all-time high of $542.33, set in January 2015.
However, the broader market sentiment around Monero remains bullish, with over 83% of 2,067 votes on CoinMarketCap predicting further upward momentum.
The privacy-focused cryptocurrency, which started October at $153.8, experienced a sharp drop to $142.96 on Oct. 2, hitting its lowest point of $136.43 the following day. This plunge coincided with Kraken’s announcement that it would delist Monero in the European Economic Area to comply with local regulations ahead of the Markets in Crypto-Assets Act, expected to take effect in December.
Monero’s delisting on Kraken followed a broader trend among major exchanges like Binance and OKX, which have also stopped supporting privacy coins due to increasing regulatory scrutiny.
Despite these challenges, Monero advocates remain undeterred. Privacy coin supporters argue that Monero’s core use case—enabling anonymous transactions—ensures its ongoing relevance, regardless of delistings.
Klaus, a prominent Monero proponent, argues that the cryptocurrency’s untraceability distinguishes it from other projects, making it a target for government crackdowns. He suggests that even if Monero’s price declines sharply, whales and large holders will continue to use it for its privacy features.
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Klaus also emphasizes that Monero’s utility will persist due to non-KYC platforms, which will continue to provide access despite regulatory roadblocks. While he cautioned against viewing Monero as an optimal investment at this stage, he asserted that its role as a tool for anonymous transactions remains critical.
Monero’s rally comes as the broader crypto market begins to recover from a recent downturn. After a day when the global crypto market cap fell 3% to $2.27 trillion, with total liquidations exceeding $220 million, Bitcoin (BTC) was up 0.8% in the past 24 hours, while leading altcoins like Ethereum (ETH), Solana (SOL), and Dogecoin (DOGE) posted modest gains of just over 1%. At press time the overall market cap was down 1.3%.
On the 1D XMR/USDT chart, the price action shows early signs of a potential double bottom pattern forming, though it is not fully confirmed yet. A break above the resistance zone around the $160-$165 levels, accompanied by strong volume, would confirm the pattern and signal a potential bullish reversal.
XMR price, Bollinger Bands, and RSI chart | Source: crypto.news
At the moment, XMR’s price is nearing resistance at the middle Bollinger Band around $157.65, while the lower band at $134.08 has formed a strong support zone. Its Relative Strength Index sits at 47.12, reflecting neutral momentum, but recovery from the recent oversold conditions below 35 suggests there is room for continued upward movement.
Read more: Kraken to delist Monero for clients registered in Europe
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