Monero’s XMR Token Reverses February Slide With Golden Cross

As an experienced financial analyst, I’ve seen my fair share of market ups and downs. The recent price action of Monero (XMR) has been particularly noteworthy due to its resilience in the face of adversity.Markets are known to experience sharp declines but more gradual recoveries, as demonstrated by Monero’s price fluctuations this year in the privacy-focused cryptocurrency market.

In the beginning of February, Monero (XMR) experienced a significant drop of over 35% in value, down to $100. This decline came soon after Binance, the largest cryptocurrency exchange in terms of trading volume and open interest, made the decision to remove XMR from their platform. Binance explained that XMR failed to meet their strict requirements.

Four months after experiencing a setback, XMR has managed to regain some ground. The cryptocurrency reached a peak of approximately $180 last week, marking its highest point since January 23rd. At the time of writing, it was being traded around $170 on Kraken, based on TradingView’s data.

Over the past month and a half, Monero (XMR) has experienced substantial growth, increasing by approximately 25%. This surge in value places it among the top performers within the top 100 cryptocurrencies by market capitalization, surpassing the gains of many notable contenders such as Bitcoin (BTC) and Ethereum (ETH).

As an analyst, I would describe botnet mining in the following way: Botnet mining refers to the malicious use of a hacked computer network from a distance to mine cryptocurrencies. Cybercriminals have long favored Monero (XMR) for this illicit practice due to its privacy features. These features make it challenging for law enforcement agencies to trace the funds generated through botnet mining and other unlawful activities.

As a researcher studying the Monero mining landscape, I’ve come across an interesting development: 2Miners, a prominent Monero mining pool, declared their intention to cease Monero (XMR) mining on June 10th. This decision might have played a role in the recent surge of XMR’s price.

Important to mention, XMR has rebounded from its February decline but hasn’t managed to surpass the two-year price band of $100 to $185 as of now. Indicators of momentum indicate a possible breakthrough in the near future.

The 50-day moving average of XMR‘s price has recently risen above its 200-day moving average, which is referred to as a “golden cross” formation. This technical indicator often signals the start of a prolonged uptrend in the asset’s price.