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26 February 2024
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Monero Market Update: XMR/USD explodes past $70 even as Zcash threatens its privacy dominance

  • Monero reclaims the ground above $70.00 but it’s a mile away from breaking out of the resistance range.
  • Monero privacy status could be jeopardy as users explore Zcash following the network’s upgrade.

A bearish wave started off the new week’s trading. However, for Monero, the picture is entirely different as it is the only bull in a sloth of bears. The cryptoasset has corrected from the opening value of $69.01 to intraday highs of $70.29. A minor adjustment has occurred with the prevailing market value dropping to $70.28 but the trend has remained strongly bullish amid heightened volatility.

A wider scope of the market shows that Monero would hold onto to the bullish momentum longer. The RSI is moving north towards the overbought while the MACD holds in the positive region. As more and more bulls join the market the potential for a breakout above $75 and $80 increase.

For now, establish support above $70.00 is a priority for the bulls. Moreover, a breakout above $75 could see Monero escape the tight range between $60 and $72.00. In terms of support, the price is currently above the 50-day SMA and 200-day SMA. Other key support areas include $60.00, $55.00 and $50.00.

XMR/USD daily chart

XMR/USD daily chart

The cryptoanalysis platform, Weiss Ratings has recently said that Monero is on the way to losing its privacy-throne status to Zcash. Apparently, users that value privacy are starting to look at Zcash following the network’s heartwood update. The upgrade saw Zcash developers get rid of all the obstacles in the integration of third party platforms. At the same time, Zcash privacy feature has also been boosted.

Related reading: Bitcoin Price Forecast: BTC/USD triangle breakout eyes lift-off to $10,000

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