After Being Delisted, Monero [XMR] Rises Nearly 5%: Is $190 Here?
XMR is up 4.39% in the last seven days. The delisting and regulatory hurdles could push XMR towards $190.
Over the past six months, Monero [XMR] has been delisted from several exchanges. In February, Binance [BNB] announced plans to delist XMR. Then, on June 10th, Kraken announced the delisting of Monero in Ireland and Belgium after doing the same in the UK.
This decision by Kraken and Binance to delist XMR, a privacy-focused coin, highlights the regulatory challenges facing cryptocurrencies.
In Europe, with the approval of the AMLR, privacy coins will cease to exist in the market. The exclusion of these platforms has significantly impacted XMR’s market growth and price stability.
XMR Recovers After Being Delisted from The Stock Market
Despite the hostile environment, XMR has maintained a recovery over the past month. In the last 30 days, XMR has gained 12.20% while it recorded a 4.39% gain in the previous seven days. In the last 24 hours, XMR’s trading volume increased 7.61% to $52 million.
The rally has made everyone optimistic, with cryptocurrency analysts predicting a rise to $190. According to cryptocurrency analyst Sebastian, XMR is poised for a sustained rise. He shared the following on X (formerly Twitter):
“Monero (XMR) is showcasing significant market promise, gaining momentum off the 20-day EMA at $165. With potential targets of $180 and possibly $190, XMR’s resilience underscores its key role in the crypto ecosystem.”
ChartMonkey also shared its long-term projections, stating the following:
“Monero top cycle: Expect a breakout towards the all-time high in May 2025. This sturdy coin has strong potential for exceptional performance. DYOR.”
What the Fundamentals Say
AMBCypro’s analysis showed that market sentiment remained positive at press time. According to Market Prophit, public sentiment was positive at 0.089 and the buzz score was 1.0853.
The Money Flow Index (MFI) has also increased from 26 to 54 over the past seven days. The increase in the MFI indicates growing buying pressure, a shift in market sentiment toward a bullish outlook, and an increase in the flow of money into the altcoin.
In addition, the RSI has risen from 48 to 55 over the past seven days. This sustained rise in the RSI indicates that recent gains are outweighing losses, which may indicate growing bullish momentum.
In addition, AMBCrypto’s analysis of XMR sentiment showed that the aggregate funding rate per exchange has been positive for the past seven days.
Most recently, the exchange-aggregated XMR funding rate was 0.01, indicating that investors were willing to pay a premium to hold long positions, showing confidence in future prices.
Finally, according to Coinglass, XMR reported little or no liquidation for both long and short positions.
The low liquidation indicates that long holders were holding their positions at the time of the release and that few investors were betting against the market on short positions.
Can XMR Sustain the Rally?
XMR was trading at $169.03 at press time after breaking through the $168 resistance level. The break signaled a move to the next major resistance level at $174.
In a more bullish scenario, XMR will reach $179 in the near future. However, in the event of a market correction, it will fall to critical support at $158.
By Audy Castaneda