Four years after reaching a record high of $517, Monero (XMR) seems to have become a forgotten name in the crypto market. With a current price of $190 and a chart that would look attractive to any adept trader, the story might be about to change for this privacy token.
Monero’s Recent Woes
2024 was a tumultuous year for Monero. In March, the blockchain experienced congestion due to transaction flooding. This prevented users from transacting and revealed cracks in Monero’s underlying infrastructure.
Amid this, regulatory pressure resulted in the privacy token being delisted from many crypto exchanges. According to Cryptoslate, Monero experienced six times more delisting than in 2023, the most of any privacy token.
Major exchanges that delisted $XMR include Binance, Kraken, OKX, and Huobi.
Monero (XMR) Technical Analysis
Monero has been range-bound since May 2022, with the $185 resistance proving hard to crack. Despite network outage and regulatory pressure, the token failed to break below its $114 support.
While the crypto market reached new highs, led by Bitcoin, Monero remained unfazed within its range.
Fortunately, during the first week of December, it unexpectedly surged by 36% and hit a two-year high of $220.
On the 1-hour timeframe, Monero appears to be consolidating, and a breakout from the channel should indicate a continuation of the upward movement. The short-term support is $169; a breakdown could see the token heading towards the $130 support level.
Ultimately, in 2025, we expect a significant increase in the XMR price, potentially reaching $358, which corresponds to the 61.8% Fibonacci level. While there will be many challenges along the way, a Monero ($XMR) rally is long overdue.
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