Traders Eye Privacy Assets: Monero Momentum Rises After Zcash Rally
The privacy-focused cryptocurrency Monero (XMR) has increased by about 20% in the last week, from $352 on November 3 to a brief peak of $433. XMR is still trading above $420 due to the rise. This indicates a possible shift in traders’ focus toward privacy-focused digital assets and comes after Zcash’s spectacular rise earlier this month. The action coincides with network improvements and a resurgence of interest in transactions that are resistant to censorship. Increased trader interest in the industry is confirmed by this.
Traders Eye Privacy Coins as Monero Surges Past $400
Record levels of open interest in XMR futures on Bybit and Binance set off a series of forced short liquidations. Over the course of the seven days, almost $12 million in short positions were liquidated, according to CoinGlass. As a result, negative traders were forced out of their positions, accelerating the upward price trend.
After obtaining profits from early adopters, investors are looking for the next privacy coin. This is reflected in the capital rotation pattern. Altcoin rallies have historically been defined by this dynamic, in which momentum moves sequentially among similar assets within a sector. According to chart research, XMR/USD has broken through the psychological $400 barrier and completed a gigantic cup and handle pattern that dates back to 2018.
Monero targeting at least $1,000 based on this multi-year setup,
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Monero Eyes $517 as Privacy Coins Stage Comeback
Monero‘s unwavering anonymity features are seeing a resurgence in value, despite the fact that several exchanges have delisted it due to regulatory pressure. A cryptocurrency influencer pointed out Monero’s undervaluation and called it the best cryptocurrency ever. Rather than being solely speculative, the surge over the previous week seems to have been fueled by convergent technical, fundamental, and sentiment reasons. Between $500 and $520 is where the next resistance zone is located. The 2021 all-time high of $517 would be accessible with a clear break above this level. After years of regulatory obstacles and exchange delistings, it might also portend a wider comeback for privacy-focused cryptocurrencies.
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