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Monero’s Price: Will It Soar or Just Fizzle Like a Bad Firecracker?

BBG News

Well now, gather ’round, folks! It seems our dear friend Monero is strutting about like a rooster in a henhouse this month, as the appetite for the biggest privacy coin is on the rise. 🐔💰

Why, just look at it! Monero (XMR) has been on a tear for seven weeks straight, while Bitcoin (BTC) and its motley crew of altcoins are sitting there like a bunch of wallflowers at a dance. This week, it leaped to a dizzying height of $367.67, the highest it’s been since May 17, and that’s a whopping 265% increase from its lowest point in 2024. Talk about a comeback! 🎉

Now, what’s behind this sudden burst of energy, you ask? Well, it seems the winds of fortune blew favorably after the Tornado Cash (TORN) court ruling and the lifting of those pesky U.S. government sanctions. Investors are flocking back to privacy coins like moths to a flame! 🔥

There’s a glimmer of hope that those centralized exchanges, which had the audacity to delist our beloved Monero—yes, I’m looking at you, Binance and Coinbase—might just have a change of heart and relist it this year. And let’s not forget, the current administration is chock-full of pro-crypto folks, including Paul Atkins, the head honcho of the SEC. Who knew politics could be so entertaining? 🤡

But hold your horses! Monero’s gallop continues even as the hash rate took a nosedive to its lowest since May 13. It plummeted from a record high of 5.64 GH/s last week to a mere 4.51 GH/s. For those not in the know, the hash rate is the computational power that keeps this whole circus running. A drop in hash rate means fewer miners are out there digging for gold. 🏴‍☠️

XMR Price Technical Analysis

Now, if we take a gander at the weekly chart, it’s clear that XMR has been on a bullish rampage these past few weeks. This little rebound followed a long stretch where it was stuck between the support and resistance levels of $134.42 and $186.18 for over two years. Talk about a long wait! ⏳

This consolidation was likely part of the accumulation phase of the Wyckoff Theory—fancy words for saying it was just biding its time. Now, it’s moved into the markup phase, where demand is outpacing supply like a hungry bear at a picnic. 🐻🍉

Monero has now galloped above all moving averages, and the Average Directional Index has climbed to 25, signaling that the trend is gaining strength. The Relative Strength Index and the Stochastic Oscillator are both waving their flags in overbought territory. 🚩

So, what’s next? Well, it seems the bulls are eyeing that all-time high of $515, which is about 40% above where we stand now. But don’t count your chickens before they hatch; there’s a chance it could drop back to retest the support at $200 before it decides to take off again. 🐣

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2025-05-21 18:37

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