Unexpected rise from Monero (XMR): It rose sharply!

XMR, gained 25 percent in value in four weeks, following the pressure on Botnet mining in some European countries and the decision of one of the leading miners to cease its activities.

The price action of privacy-focused cryptocurrency Monero (XMR) this year is a great example of this. XMR, cryptocurrency exchange BinanceAfter delisting the token, saying it did not meet the exchange’s standards, it fell by over 35 percent to $100 in early February.

XMR showed itself with mining bans

It took four months for XMR to recover its decline. According to TradingView, the cryptocurrency briefly exceeded $180 last week, reaching its highest level since January 23, and was last seen changing hands around $170 on Kraken. XMR gained nearly 25 percent in value in four weeks, Bitcoin (BTC)and outperformed many of the top 100 cryptocurrencies by market cap, including Ethereum (ETH).

While the exact reason for the price increase is unclear, social media chatter suggests that recent crackdowns on Botnet mining in a number of European countries may have helped.

Botnet mining is a malicious practice that remotely uses a compromised computer network to mine cryptocurrency. Cybercriminals have long preferred XMR for botnet mining because its privacy features make it difficult for law enforcement to track the flow of funds generated through botnet mining and other illegal activities.

It is worth noting that although XMR has reversed its decline in February, it is now out of the two-year $100-$185 range. Momentum studies show that there is a potential for a breakout in the future. For example, the 50-day easy moving average of the XMR price crossed above the 200-day SMA, confirming the formation known as the golden cross. This pattern signals a potential long-term bullish shift in momentum.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions.

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