The Monero (XMR/USD) price continued its bullish momentum on Friday. The coin jumped to a high of $260, which was the highest level since June 20. It has risen by more than 43% from its lowest level in July, bringing its total market capitalisation to more than $4.6 billion.
Monero bullish trend accelerates
Monero is the biggest privacy-focused cryptocurrency in the world. Its technology is similar to that of Bitcoin, with the only difference being that its transactions cannot be tracked. That’s because the blockchain automatically encrypts all transactions.
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Also, unlike Bitcoin, Monero is widely used globally while Bitcoin is mostly used as an investment. A quick look at most dark websites show that many players in the sector prefer using the coin. At the same time, many cybercriminals prefer using Monero because of the vast security features. With these activities expected to rise, there is a possibility that demand for the coin will keep rising.
Like all cryptocurrencies, Monero price struggled in the past few months. This saw its price decline from a high of $520 to less than $160. This was a 160% decline. In the past few weeks, however, the coin has staged a strong recovery, rising by almost $100.
This price action has happened across the cryptocurrency industry. Bitcoin has risen from less than $30,000 to more than $40,000. Ethereum, on the other hand, has risen to almost $3,000. In total, the market capitalization of all coins tracked by CoinMarketCap has jumped to more than $1.5 trillion.
The recent recovery is partly because of the rising volume as volatility resumes. It is also because of the rising Covid-19 cases, which has led to fear that the Federal Reserve will maintain its easy-money policies in the near term.
Monero price prediction
The XMR price has been in a strong bullish trend. On Friday, the coin managed to move above the key resistance level at 250, where it struggled to move above several times before. It also rose above the 61.8% Fibonacci retracement level. At the same time, the price remains steady above the 25-day and 50-day exponential moving averages while the Relative Strength Index (RSI) has been on an upward trend.
Therefore, it seems like momentum has returned to the crypto industry. As such, there is a possibility that it will keep rising as bulls target the next key resistance at $300.
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