- Monero recorded slight gains as the broader market saw recovery.
- The gains had XRM testing crucial resistance areas but failed to sustain the upward moves.
- The coin has chances to dip amid weakened buyer support.
Monero (XMR) is among the alternative coins that had multiple discussions concerning regulations in the cryptocurrency industry. As it is a privacy coin, all transactions in the Monero platform are non-traceable. The anonymity makes XMR attractive to cyber-attacks.
Though the regulatory concerns about privacy coins, Monero has been among the renowned tokens in the crypto space.
XMS Tries a Bullish Run
Monero tried a bull rally over the previous 24 hours. While publishing this article, XRM exchanged hands near $189, following a nearly 1% increase since yesterday. The percentage gain is low compared to most tokens in the financial industry recorded.
The crypto environment attracted some near-term traders as Bitcoin recovered from $45K to a level above $48K. New traders have boosted trading volumes across the market. That had most cryptocurrencies recovering losses incurred during the bearish phase over the past sessions.
Monero saw massive buyer support and pushed past $198. However, the coin failed to contain the upward strength and corrected, dipping to the support area at $190. The buying momentum could not persist as the entire financial market saw volatility.
Meanwhile, Monero traded downward since October, and bulls appear faded. In this scenario, XMR might plummet to the $175 mark. The privacy token has not touched this support barrier. But its price actions over the last few months suggest a lower move to the footing.
Crypto Market Recovery
For now, the crypto spectrum displays recovery signals. Bitcoin rose towards $49K, and Ethereum reclaimed $4K, calling bullish sentiment for most alternative coins. Therefore, XRM might recover within the upcoming days if the broad market sustains the upward narrative.
If XRM launches another bullish rally, it can test the $200 resistance. Pushing past this level might trigger buying momentum as buyers since Monero will enter a recovery phase. That way, crypto enthusiasts might eye the next target around $225 before XMR clears the path towards October highs.