- XMR is up 4.39% over the past seven days.
- The recovery from delisting and regulatory hurdles could push XMR towards $190.
Over the past six months, Monero [XMR] has suffered delistings by various exchange platforms. In February, Binance [BNB] announced plans to delist XMR from its exchanges.
Then, on June 10, Kraken announced the delisting of Monero in Ireland and Belgium, after doing the same in the United Kingdom.
This move by Kraken and Binance to delist privacy-focused XMR coins points to the regulatory challenges cryptocurrencies face.
Within Europe, with the introduction of the AMLR, privacy coins will cease to exist on the market. The delisting of these platforms has significantly affected XMR market growth and price stability.
XMR restores post deletion
Despite the hostile environment, XMR has staged a recovery over the past month. Over the past 30 days,
In the last 24 hours, XMR trading volume increased by 7.61% to $52 million.
The recovery has everyone optimistic, with crypto analysts predicting a run-up to $190. According to a crypto analyst Sebastian, XMR is poised for a continued price increase. He shared on X (formerly Twitter) that:
“Monero (XMR) is showing significant market promise, gaining momentum at the 20-day EMA at $165. With potential targets of $180 and possibly $190, XMR’s resilience underlines its key role in the crypto ecosystem.”
Crypto | ChartMonkey also shared his long-term projections, stating that:
“Monero Top Cycle: Expect a breakout towards all-time highs in May 2025. This sturdy coin has great potential for exceptional performance. DYOR”.
What the fundamentals tell us
AMBCypro’s analysis showed that market sentiment remained positive at the time of writing. According to Market Prophit, audience sentiment was positive at 0.089, and Buzz’s score was 1.0853.
Source: Markt Profhit
The Money Flow Index (MFI) has also risen from 26 to 54 in the past seven days.
The rising MFI indicated increasing buying pressure, shifting market sentiment toward a bullish outlook and increasing money flow into the altcoin.
Source: TradingView
Also, over the past seven days, the RSI has risen from 48 to 55. This continued RSI rise indicated that recent gains have outweighed losses, which could indicate increasing bullish momentum.
Source: TradingView
Also, AMBCrypto’s look at XMR sentiment showed that funding rates, aggregated by exchange rate, have been positive over the past seven days.
At the time of writing, XMR’s exchange aggregated Funding Rate was 0.01, implying that investors were willing to pay a premium to hold long positions, showing confidence in future prices.
Source: Santiment
Finally, according to Coinglass, XMR has reported little or no liquidation for both long and short positions.
The low liquidations show that long position holders were still holding on to their positions at the time of writing, and few investors were betting against the market on short positions.
Source: Coinglass
Read Monero’s [XMR] Price forecast 2024-25
Can XMR support recovery?
XMR was trading at $169.03 at the time of writing, having broken the $168 resistance level. The breakout marked a rise to the next significant resistance level, around $174.
In a more bullish scenario, XMR will reach $179 in the short term. However, in the event of a market correction, the price will fall to a critical support at $158.