Monero prices continued their impressive recovery this week amid the declines of other altcoins. The XMR token surged to a high of $182 on Tuesday morning, its highest price since January 2023 amid continued bullish momentum, surging more than 80% from its lows this year.
Why is Monero soaring?
The Monero token soared as investors cheered the recent MoneroKon event in Prague, one of the industry's largest events focused on privacy, decentralization, and security issues.
This is noteworthy for Monero, which operates the world's largest privacy-focused cryptocurrency. Unlike Bitcoin, Monero transactions are untraceable as senders, receivers, and transactions are hidden by three technologies: stealth addresses, ring signatures, and rINGct.
Monero’s price action this week is unique compared to how other cryptocurrencies are trading, as Bitcoin remains below the key resistance point of $70,000 while most altcoins are falling.
The next big catalyst to watch going forward is the Federal Reserve decision scheduled for Wednesday. This will be a crucial meeting as Fed officials will provide guidance on when they might next cut interest rates.
The interest rate decision comes just days after the U.S. released a strong jobs report on Friday. According to the Bureau of Labor Statistics (BLS), the economy added more than 272,000 jobs and wage growth continued. If the Fed makes a dovish interest rate decision, it could boost Monero prices.
The XMR token also surged as Monero’s hash rate recovered, with the rate surging to 2.5GH/s, surpassing last week’s low of 1.70GH/s, according to the data.
More info: How to buy Monero.
Monero Price Analysis
Looking at the daily chart, we can see that the price of the XMR token bottomed out at $97.62 in June 2022. It then fell back to near that level as some exchanges delisted the token in February this year.
Monero is currently rebounding and has formed a golden cross pattern where the 50-day and 20-day exponential moving averages (EMAs) intersect. In most cases, this pattern leads to further upside in the long term.
Monero also managed to briefly rise above the major resistance level of $180.58, the all-time high reached in January last year, and moved between the 50% and 38.2% Fib retracement points.
Hence, the token is likely to continue rising as buyers target the key resistance point of $200, which is just above the 50% retracement point.
