Monero (XMR) is experiencing an uptrend, with prices strengthening by over 43% over the past two weeks, driven higher by increased investor interest in this privacy-focused cryptocurrency. At the time of writing, XMR is trading at around $383, the highest level seen since three years.
The digital currency that touts its ability to allow users to transact anonymously on its blockchain network recently turned seven, making it one of the older cryptocurrencies existing in the market. Unlike most other leading blockchain-based digital currencies that are fully transparent, Monero encrypts transactions within its network, making its use completely untraceable.
Monero has been trading bullish since early April when its team of developers introduced capabilities for interoperability with other blockchain networks. In our previous forecast for XMR, we had highlighted the role of fundamentals in driving price action in this cryptocurrency. It does this by cooperating with cross-chain decentralized liquidity network THORChain to integrate its network within decentralized exchange, Haven.
With buyers in control, XMR/USD looks all set to cross the key $400 level, and could easily send its price above $469. However, in order to make this happen, the support at $379 needs to hold strong to drive higher interest among buyers. If this support level fails, the price of XMR can slide down to as low as $340 and possibly even down to $322 as selling pressure rises.