- XMR has surged 4.39% over the last 7 days.
- XMR could rally to $190 as it recovers from delisting and regulatory hurdles.
Over the past six months, Monero (XMR) has struggled with delistings from various exchange platforms. In February, Binance (BNB) announced plans to delist XMR from its exchange.
Following this, Kraken announced on June 10 that it would delist Monero in Ireland and Belgium, following the UK.
The move by Kraken and Binance to delist XMR, a privacy-focused coin, highlights the regulatory challenges cryptocurrencies face.
Within Europe, privacy coins will disappear from the market as AMLR passes. With these platforms delisting, XMR’s market growth and price stability will be significantly impacted.
XMR recovers after delisting
Despite the hostile environment, XMR has managed to maintain its recovery over the past month. Over the past 30 days, XMR has gained 12.20%, compared to 4.39% over the previous 7 days.
Over the past 24 hours, XMR’s trading volume has surged by 7.61% to $52 million.
The recovery has made everyone optimistic, and crypto analysts are predicting a rise to $190. According to Sebastian, a crypto analyst, XMR is expected to continue its price rise. He shared on X (formerly Twitter):
“Monero (XMR) is showing significant market promise, gaining momentum from the 20-day EMA to $165. With potential targets at $180 and possibly $190, XMR’s resilience highlights its important role in the cryptocurrency ecosystem.”
Crypto | ChartMonkey also shared its long-term forecast, saying:
“Monero High Cycle: Expect All-Time High Breakout in May 2025. This solid coin has strong potential for exceptional performance. DYOR”.
What the basics tell us
According to AMBCypro’s analysis, the market sentiment remained positive at the time of writing. According to Market Prophit, the crowd sentiment was positive at 0.089, while the Buzz score was 1.0853.
Source: Market Prophit
The Money Flow Index (MFI) also rose from 26 to 54 over the past seven days.
A rising MFI indicates that buying pressure is increasing, market sentiment has turned bullish and there is increasing inflow of funds into the altcoin.
Source: TradingView
Additionally, the RSI has risen from 48 to 55 over the past 7 days. This sustained rise in the RSI indicates that recent gains are outpacing losses, which could indicate increasing bullish momentum.
Source: TradingView
Additionally, AMBCrypto looked at XMR sentiment and found that the funding rate aggregated by exchange has been positive over the past 7 days.
At the time of writing, the funding rate for XMR as reported by exchanges was 0.01, meaning investors are willing to pay a premium to hold long positions, demonstrating confidence in the future price.
Source: Santiment
Lastly, according to Coinglass, XMR reported little to no liquidations for both long and short positions.
The low liquidation rate shows that those holding long positions were holding them at the time of writing, and there were few investors betting against the market on short positions.
Source: Coinglass
Read our Monero (XMR) Price Prediction 2024-25
Can XMR Continue Its Recovery?
XMR was trading at $169.03 at the time of writing after breaking through the $168 resistance level. The breakout signaled a move towards the next significant resistance level at $174.
In a more bullish scenario, XMR could reach $179 in the short term. However, if the market corrects, it could fall to the crucial support of $158.