Monero's XMR Token Reverses February Slide With Golden Cross

XMR has gained 25% in four weeks amid a crackdown on Botnet mining in some European countries and one of the leading miners' decision to shut down operations.

AccessTimeIconJun 20, 2024 at 6:26 a.m. UTC
  • XMR briefly topped $180 last week, reversing the Binance-led February slide.
  • The token has gained nearly 25% in four weeks amid a crackdown on Botnet mining.
  • XMR's daily chart shows a bullish golden cross pattern.

It is said that markets typically fall fast and rise slowly. This year's price action of privacy-focused cryptocurrency Monero (XMR) is a perfect example.

XMR crashed over 35% to $100 in early February after Binance, the leading cryptocurrency exchange by trading volume and open interest, delisted the token, saying it didn't meet the exchange's standard.

It has taken XMR four months to recoup the slide. The cryptocurrency briefly topped $180 last week, hitting the highest since January 23, and was last seen changing hands near $170 on Kraken, according to charting platform TradingView.

XMR has gained nearly 25% in four weeks, outperforming most top 100 cryptocurrencies by market value, including bitcoin (BTC) and ether (ETH).

While the exact reason for the price surge is not apparent, social media chatter suggests the recent crackdown on Botnet mining in some European countries may have helped.

Botnet mining is a malicious practice of remotely using a compromised computer network to mine a cryptocurrency. Cybercriminals have long preferred XMR for botnet mining as its privacy features make it difficult for law enforcement agencies to track the flow of funds obtained through botnet mining and other illegal activities.

The recent decision by 2Miners, one of the leading monero mining pools, to discontinue mining XMR may have also contributed to the rally. The miner announced the XMR delisting on June 10.

Golden cross

It's worth noting that while XMR has reversed the February slide, it is yet to break out of the two-year trading range of $100-$185. Momentum studies do suggest the potential for a breakout ahead.

For instance, the 50-day simple moving average of XMR's price has crossed above the 200-day SMA, confirming what is known as a golden cross. The pattern suggests a potential long-term bullish shift in momentum.

XMR's daily price chart. (TradingView)
XMR's daily price chart. (TradingView) (TradingView)

Edited by Parikshit Mishra.

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Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.