Monero (XMR) is showing early signs of recovery, up 5.8% over the past 24 hours, sparking renewed optimism despite a complex regulatory environment.
Price and Trading Volume Increase
At press time, Monero was trading at $154.14, marking a 12.56% rebound from its monthly low. This surge has been accompanied by a significant increase in daily trading volume, which rose by 33% to exceed $65 million, according to CoinGecko. Despite the uptick, Monero remains 71.5% below its all-time high of $542.33, set in January 2015.
Delisting and Community Response
Despite the rise, Monero has faced delisting from platforms like Kraken, Binance, and OKX in the European Economic Area due to regulatory compliance efforts ahead of the Markets in Crypto-Assets Act, expected to take effect in December. Monero advocates remain undeterred. Klaus, a prominent Monero supporter, argues that the cryptocurrency's untraceability makes it a target for regulators, but its core use case—anonymous transactions—ensures its ongoing relevance.
Technical Analysis and Market Outlook
On the 1D XMR/USDT chart, the price action shows early signs of a potential double bottom pattern forming, though it is not fully confirmed yet. A break above the resistance zone around the $160-$165 levels, accompanied by strong volume, would confirm the pattern and signal a potential bullish reversal. XMR’s price is nearing resistance at the middle Bollinger Band around $157.65, while the lower band at $134.08 has formed a strong support zone.
Monero is showing signs of recovery amid complex regulatory challenges, maintaining interest in its anonymity features. The current market situation requires careful monitoring, yet community support and technical factors may contribute to further growth.