- Monero (XMR) price on Sunday saw a 5% rise, helping its price rise from $373 and $397 with a market capitalization of $7.35 billion.
- The rise in XMR price comes after it rose above a key resistance level at $378, and if it can hold this position for a long period, it could see further upside.
- The current price of XMR is above the 50-day EMA and 200-day EMA, which is a major bullish signal.
On April 26, Monero (XMR), one of the leading privacy cryptocurrencies, rose about 6% in the past 24 hours, sparking euphoria in the privacy coin community.
This rise comes after an impressive rise in Bitcoin (BTC)which currently holds over $77,000. This rise in BTC sparked bullish sentiment across the overall cryptocurrency market.
At the time of writing this, MoneroXMR4.14% It is trading at around $398.49 with about a 5% upside, according to CoinMarketCap. The privacy coin has a staggering market cap of around $7.35 billion, and its daily trading volume hovers around $109.42 million.
Monero breaks the key resistance level at $378
According to the current price chart, Monero has broken through a major barrier at $378 with impressive higher trading volume. This breakout activated several bullish patterns, including a series of higher lows and sustained trading above important moving averages.
The 50-day EMA is at around $351. The 200-day version carries $364. The current price of XMR is above these two levels. This is a key signal that traders see as confirmation of the bullish pattern.
The RSI is around 61. This indicates that the cryptocurrency has strong buying momentum without entering the overbought zone above 70. Meanwhile, the Moving Average Convergence Divergence indicator has produced a positive crossover.
In recent months, privacy coins have seen an impressive rise. This consistency shows that people continue to use the network to make actual transactions, even though XMR’s privacy features hide the exact transfer amounts.
Monero is moving within a bullish channel pattern on the 4-hour chart. This positive structure follows that the price rises steadily between two upward sloping lines. The cryptocurrency crossed the $378 resistance area with a volume that crossed the intermediate level, which confirmed the validity of the breakout.
According to the current price chart, there is a major resistance level at around $400. A clear break above this limit with heavy trading volume could open the door to higher targets in the $420 to $450 range.
There is a key support level at the recent breakout zone at around $370, which can be set as a base for any short-term pullbacks in the XMR price.
Monero network supports bullish momentum
The network hash rate is currently around 5.47 gigahashes per second. This shows that investors enjoy strong mining participation and good protocol security. This on-chain data shows that the rise in the price of the cryptocurrency is supported by real utility.
Recently, privacy coins made headlines after several governments around the world implemented stricter financial surveillance guidelines. Monero is a unique cryptocurrency due to its virtual privacy features. This helps those users who are concerned about tracking and financial freedom.
Monero recently celebrated its 12th anniversary. On the technical side, the FCMP++ upgrade has rolled out cross-networking. This upgrade provided anonymity through full chain membership proofs. The new system replaces old ring signature methods with more efficient and secure proofs.
Aside from this, the planned integration with THORChain has sparked interest. This cross-chain protocol will enable native Monero swaps directly with Bitcoin, Ethereumand other digital assets without encapsulating tokens or relying on custodians.
Integration simulations have passed the testing phases, and the mainnet is expected to be deployed within 1-2 months.
Read also: Polygon (POL) price faces pressure as payment strategy expands
