Monero (XMR) has made a significant leap, increasing by 26% over the past day. Interest in the asset is growing amid upcoming upgrades and strong technical positions.
Monero Upgrades and Their Price Impact
Monero's success is partially linked to the upcoming EP159 and EP160 upgrades, which may potentially make the protocol more compliant with regulatory requirements. Emmanuel G. mentioned that these updates could make Monero more 'compliance-friendly' while retaining its privacy features.
Technical Analysis and Potential Breakout
Analyst Mihir pointed out that Monero has been forming a massive ascending triangle pattern over the last eight years. This pattern could indicate bullish trends, and if the price breaks the resistance around $470-$500, targets around $900-$1,000 could be achievable.
Monero's Resilience in the Market
Despite regulatory pressures and being listed on only one exchange in the United States, Monero added $1 billion to its market capitalization in just 12 hours. This highlights the sustained interest in privacy-focused cryptocurrencies, enhancing Monero's reputation as a long-standing privacy asset.
With each new upgrade and a strong technical outlook, Monero (XMR) remains a focal point for traders, retaining the potential for further growth.
