Monero defies the market slump after it rallied by 10% and the XMR price painted a cup-and-handle pattern which fetches a bold $10,000 prediction for 2023 so let’s have a closer look at today’s latest Monero news.
The privacy-focused crypto Monero rallied by 9.5% in the past week compared to the rest of the market crashed by 8% in the same timeframe. The XMR/USD pair even broke the strong multi-month resistance trendline and hit an upside. The XMR price was down by 0.87% from the two-month high of $245 established one day before but the cryptocurrency still outperformed the rivals including BTC and ETH on a weekly timeframe. The speculations about users using Monero to avoid sanctions could have boosted the appeal among the investors but the American research group Brookings warned that Monero could also be used as a part of a sanction-evasion scheme:
“As a result of the difficulties in tracking and tracing the individuals involved in privacy coin transactions. The IRS has offered payments of $625,000 to those that can crack the privacy protections of Monero, Zcash, and other such cryptocurrencies.”
Monero’s market cap increased by 85% to $4.30 billion while the technical indicators suggest that it can grow even further in the second quarter. Monero defies the market slump this week as it broke a downward sloping trendline which was capping the upside attempts since May 2021. The trendline constitutes what seems to be a bull flag pattern in combination with the parallel lower trendline as support.
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The basic tenet of bull flags is that they send the price in the direction of a previous uptrend after breaking up to the upside.
As a rule, the bull flag’s upside target is usually the sum of the breakout point and the flagpole’s height which puts XMR en route to $480 or an increase of 110% from the price today near $235. on the longer timeframes, the independent market analyst Don Yakka argued that XMR price can reach as high as $10,000 if the classic cup-and-handle pattern plays out. These patterns are a bullish continuation of the cup representing a U-shaped price trend and a period of strogn correction followed by a decisive recovery and also the handle resembling the consolidation indicator like a flag or a pennant.
The pattern resolves after the price breaks its resistance level and this breakout parget is measured after calculating the pattern’s maximum height and adding it to the breakout point. However, privacy coins like Monero continue to face downside risks because of the increasing regulatory pressure from multiple governments across the world.
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