- XMR has surged 4.39% over the past seven days.
- Recovery from delisting and regulatory hurdles could see XMR rise towards $190.
Monero in the past six months [XMR] It has been delisted from various exchanges. [BNB] They announced plans to delist XMR from exchanges.
Then, on June 10, Kraken announced it would delist Monero from Ireland and Belgium, after taking a similar step in the UK.
This move by Kraken and Binance to delist privacy-focused coin XMR illustrates the regulatory challenges facing cryptocurrencies.
In Europe, privacy coins will disappear from the market due to the passing of the AMLR. The delisting from these platforms has a significant impact on the market growth and price stability of XMR.
XMR Recovers After Delisting
Despite the challenging environment, XMR has continued to recover over the past month. Over the past 30 days, XMR has risen by 12.20%, and over the past 7 days, it has risen by 4.39%.
In the past 24 hours, XMR trading volume increased by 7.61% to $52 million.
This recovery has made everyone optimistic, with crypto analysts predicting a rise to $190. According to one crypto analyst, Sebastian, XMR is expected to see a sustained price rise. He said on X (formerly Twitter):
“Monero (XMR) is gaining momentum from the 20-day EMA at $165, showing great promise in the market. With potential targets of $180 and even $190, XMR’s resilience highlights its vital role in the crypto ecosystem.”
Crypto|ChartMonkey also shared their long-term prediction, saying:
“Monero Top Cycle: Expect Breakout to All-Time Highs in May 2025. This Solid Coin Has the Potential to Outperform. DYOR.”
What the fundamentals tell us
Market sentiment remained positive at the time of writing, according to AMBCypro analysis, while Market Prophit showed crowd sentiment was positive at 0.089, with a Buzz score of 1.0853.
Source: Market Prophit
The Money Flow Index (MFI) also increased from 26 to 54 in the past seven days.
The rise in the MFI indicates increasing buying pressure, with market sentiment turning bullish and capital inflows into altcoins increasing.
Source: TradingView
Also, over the past seven days, the RSI has risen from 48 to 55. This sustained increase in the RSI indicates that recent gains are outweighing losses and could suggest that bullish momentum is building.
Source: TradingView
Additionally, a survey of XMR sentiment by AMBCrypto showed that funding rates aggregated per exchange have been positive over the past seven days.
At the time of writing, the funding rate for XMR compiled by exchanges is 0.01, indicating that investors are willing to pay a premium to hold long positions, signaling confidence in future prices.
Source: Santiment
Finally, according to Coinglass, XMR reported little to no liquidations on both long and short positions.
The lack of liquidations suggests that long holders were maintaining their positions at the time of writing and that few investors were betting against the market with short positions.
Source: Coinglass
Monero [XMR] Price Forecast 2024-25
Can XMR Sustain Its Recovery?
XMR has broken through the resistance level at $168 and is trading at $169.03 at the time of writing. This breakout suggests a rise to the next key resistance level near $174.
In a more bullish scenario, XMR could reach $179 in the short term. However, if the market corrects, it could fall to the critical support at $158.
