Monero price continued its remarkable comeback this week even as other altcoins retreated. The XMR token jumped to a high of $182 on Tuesday morning, its highest level since January 2023 as the bullish momentum continued. It has surged by over 80% from its lowest swing this year.
Why is Monero soaring?
Monero token jumped as investors cheered the recent MoneroKon event in Prague. MoneroKon is one of the biggest events in the industry that is focused on privacy, decentralization, and security issues.
This is a notable thing for Monero, which runs the biggest privacy-focused cryptocurrency in the world. Unlike Bitcoin, Monero transactions cannot be tracked because the senders, receivers, and transactions are hidden through three technologies: stealth addresses, ring signatures, and rINGct.
Monero’s price action has been unique this week because of how other cryptocurrencies are trading. Bitcoin has been stuck below the crucial resistance point at $70,000 while most altcoins have pulled back.
Looking ahead, the next crucial catalyst to watch will be the upcoming Federal Reserve decision scheduled for Wednesday. This will be a crucial meeting because the Fed’s officials will provide their guidance on when the next rate cut will happen.
The rate decision will come a few days after the US released strong jobs numbers on Friday. According to the Bureau of Labor Statistics (BLS), the economy created over 272k jobs and wage growth continued. Monero price will rise if the Fed delivers a dovish interest rate decision.
The XMR token also jumped as Monero’s hash rate rebounded. Data shows that the rate has jumped to 2.5 GH/s, higher than last week’s low of 1.70 GH/s.
Read more: How to buy Monero.
Monero price analysis
Turning to the daily chart, we see that the XMR token price bottomed at $97.62 in June 2022. It then dropped near that level in February this year as some exchanges delisted the token.
Monero (XMR) has now rebounded and formed the golden cross pattern, which happens when the 50-day and 20-day Exponential Moving Averages (EMA) cross each other. In most cases, this pattern usually leads to more upside in the long term.
Monero price has also moved slightly above the key resistance level at $180.58, its highest level in January last year. It has also moved between the 50% and 38.2% Fibonacci Retracement points.
Therefore, the token will likely continue rising as buyers target the key resistance point at $200, which is slightly above the 50% retracement point.
