CandleFocus Monero eyes bullish rebound after 5% surge despite regulatory pressure
2024-10-04
Author: Content Editor
Monero (XMR) has shown early signs of recovery, gaining 5% in the past 24 hours and emerging as one of the top-performing cryptocurrencies in the market. The rebound comes after a sharp decline in early October when major exchange Kraken announced it would delist Monero in the European Economic Area to comply with local regulations. The timing of Monero's price drop before the delisting announcement has raised suspicions of insider trading. Despite regulatory hurdles, advocates of privacy coins believe that Monero's use case will ensure its relevance. Monero has rebounded from a support level at $134 and must clear the $163 and $180 resistance levels to establish a stronger bullish trajectory. Technical indicators show some optimism, but a stronger uptick in volume is needed for a more robust recovery.
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