XMR is up 5.8% in the past 24 hours, showing early signs of recovery and sparking renewed optimism among supporters of the privacy-focused cryptocurrency.
At the time of writing, Monero (XMR) was trading at $154.14, marking a 12.56% rebound from its monthly low. This surge was accompanied by a significant increase in daily trading volume, which increased by 33% to over $65 million, according to CoinGecko.
Despite the rally, Monero is still 71.5% below its all-time high of $542.33 reached in January 2015.
However, broad market sentiment around Monero remains bullish, with over 83% of 2,067 votes on CoinMarketCap predicting further upward momentum.
The privacy-focused cryptocurrency started October at $153.8, but plummeted to $142.96 on October 2, before hitting a new low of $136.43 the next day. The plunge coincided with Kraken's announcement that it would delist Monero in the European Economic Area to comply with local regulations ahead of the Crypto Asset Markets Act, which is scheduled to take effect in December.
Monero’s delisting of Kraken follows a broader trend among major exchanges such as Binance and OKX, which have also stopped supporting privacy coins due to increased regulatory scrutiny.
Despite these challenges, Monero supporters remain undaunted. Proponents of privacy coins argue that Monero's core use case (enabling anonymous transactions) will ensure its continued relevance regardless of delisting.
Kraus, a prominent Monero supporter, argues that the cryptocurrency's untraceability sets it apart from other projects and makes it a target for government crackdowns. He suggests that even if Monero's price plummets, whales and large holders will continue to use it for its privacy features.
Kraus also emphasized that Monero's usefulness will continue thanks to non-KYC platforms that continue to provide access despite regulatory hurdles. While he cautioned against treating Monero as an investment of choice at this stage, he maintained that its role as a tool for anonymous trading remains important.
Monero's rise comes as the overall cryptocurrency market begins to recover from the recent downturn. Bitcoin (BTC) rose 0.8% in the past 24 hours, after a day in which the global crypto market cap fell 3% to $2.27 trillion and total liquidations exceeded $220 million. Major altcoins such as Ethereum (ETH) and Solana (SOL) rose. , Dogecoin (DOGE) recorded a modest increase of just over 1%. At the time of writing, the overall market capitalization was down 1.3%.
On the 1D XMR/USDT chart, the price movement shows early signs of a potential double bottom pattern formation, but it is not yet fully confirmed. A breakout of the resistance zone around the $160-$165 level with strong volume would confirm the pattern and indicate a possible bullish reversal.
At the moment, XMR price is approaching the middle resistance of the Bollinger Band around $157.65, while the lower Bollinger Band of $134.08 forms a strong support zone. The Relative Strength Index is at 47.12, reflecting neutral momentum, but the recovery from the recent oversold condition below 35 suggests there is room for continued upside.
