- Monero price has done well in the past few days.
- Demand for privacy tokens has been relatively steady.
- Bulls are targeting the psychological level at $200.
Monero price has made a spectacular recovery as investors buy the dip after this month’s sell-off. The XMR token is trading at $193.14, which is about 68% above the lowest level this month. It is now trading at the highest level since May 9th, bringing its total market cap to over $3.50 billion.
Why is XMR recovering?
Monero is one of the biggest privacy tokens in the world. It is a blockchain platform that solves a challenge that exists among most coins like Bitcoin.
The fact that Bitcoin and other cryptocurrencies are public ledgers makes them a bit vulnerable. This explains why the FBI is able to track and recover funds that are stolen using Bitcoin.
Monero solves this challenge by using instant encryption whenever funds are sent using its network. So, when you send funds to a person’s public address, you are actually sending them to a new address that is different from the destination one.
Learn how to buy Monero.
As such, all public records do not indicate where the funds move from and where they moved to. Additionally, the users’ public address will never show in the public records of transactions.
These features make Monero one of the safest cryptocurrencies to use. Also, it has faster speeds than Bitcoin and its transaction costs are relatively lower.
Monero price has done better than most cryptocurrencies in the past few days. This price action happened as on-chain data shows that Monero’s transactions have held steady in the past few days. According to BlockChair, there have been over 2.6 million blocks and more than 22.4 million transactions. Its hash rate in the past 24 hours has been 2.71 Gh/s.
Monero price prediction
Turning to the 4H chart, we see that the XMR price has made a strong recovery in the past few days. Along the way, it has moved above the 38.2% Fibonacci retracement level. It also managed to move abve the important resistance level at $177.50, which was the highest point on May 17th.
Monero is also comfortably above the dots of the Parabolic SAR and the 25-day and 50-day moving averages. The Stochastic Oscillator has moved above the overbought level. Therefore, there is a likelihood that XMR will keep rising as bulls target the key resistance at $200.
