Monero (#xmr👀 ) is showing the first signs of recovery, with a 5% gain in the last 24 hours, making it one of the top performers in the market.
Current Market Situation
At the time of writing, #Monero was trading at $146.63 with a market capitalization of $2.7 billion. This growth has provided some relief to investors after a turbulent start to October. After beginning the month at $153.8, XMR saw a sharp drop, hitting a low of $136.43.
This decline coincided with the announcement that the cryptocurrency exchange Kraken would delist Monero in the European Economic Area (EEA) to comply with local regulations. This move is likely in anticipation of the upcoming Markets in Crypto-Assets (MiCA) regulation, set to take effect in December.
Kraken's Delisting of Monero and Its Market Impact
Kraken’s decision to remove Monero from the EEA caused a stir in the market and raised concerns about increasing regulatory scrutiny on privacy-focused #Cryptocurrencies . Monero’s privacy technology, which obscures transaction details, has long attracted the attention of regulators, and MiCA could tighten the noose even further.
However, the timing of Monero’s price drop has raised eyebrows, with allegations that XMR began selling off before Kraken’s delisting announcement, sparking speculation that insiders might have acted on non-public information. This is especially suspicious as the broader crypto market was recovering at the time, yet Monero bucked the trend with a sharp downward movement.
Technical Outlook and Growth Barriers
Monero is currently trading below the $163 mark, with a strong psychological barrier at $180. This level rejected price movements upward in both June and September, and breaking through it will be crucial for Monero to reestablish a #BullishTrajectory .
Technical indicators paint a cautiously optimistic picture. The Moving Average Convergence Divergence (MACD) remains in bearish territory, but the MACD line is approaching the signal line, which could suggest a shift in momentum.
The histogram remains in the red, indicating that selling pressure may be weakening, and the #BULLS could soon gain control. However, trading volume remains too low to signal a decisive upward move. For Monero to gain the traction needed for a more robust recovery, a stronger increase in trading volume will be necessary.
Notice:
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