Monero price is crawling back after it dropped by more than 26% in the past few days. The XMR price is trading at $140, which is slightly higher than last week’s low of $123. Other cryptocurrencies have also risen, bringing the total market cap to more than $987 billion.
Good news for Monero? Monero price has wavered recently even after some good news for the leader in privacy transactions. During her testimony last week, Janet Yellen said that her department would assess ways of curtailing the use of cryptocurrencies in cybercrime.
Strict regulations would be a bad thing for most cryptocurrencies. However, in reality, they would be excellent for Monero, which is widely known for its encryption and security. While it is easy to track Bitcoin transactions, it is impossible to track those powered by Monero. In fact, the US Internal Revenue Service (IRS) has offered a $625,000 reward for anyone who manages to hack Monero. So far, that offer has not yet been taken. Therefore, if the Biden administration manages to have a crackdown of cryptocurrencies, Monero could benefit due to the high demand.
Turning to the daily chart, we see that the Monero price has managed to bounce back, albeit slowly. The price remains above the ascending trendline that connects the lowest levels since May.
But, the 15-day and 25-day exponential moving averages have made a bearish crossover, which is a signal that bears are in control. Therefore, while the overall trend is bullish, there is a possibility that the pullback will continue. Be on the lookout for the support at $122.
This post was last modified on May 10, 2022, 14:13 BST 14:13
