«Monero does not need Binance to shine»

Monero (XMR), a privacy-focused cryptocurrency, has had a notable recovery in recent weeks despite being delisted from several exchanges around the world for trading.

In the last seven days, the price of the asset shot up 18%going from $146 to $171 on the current day, as seen in the TradingView chart below.

This rise has raised its market capitalization to 3,145 million dollars, placing the cryptocurrency in 36th place in the global ranking.

In this way, XMR has recovered the price it had at the time of being delisted from Binance, the largest cryptocurrency exchange in the world, as reported by CriptoNoticias in February 2024.

In the previous graph you can see the resounding fall of the cryptocurrency in the month of February. By not being available on Binance, Monero lost access to a large volume of buyers and sellers, making it difficult to buy and sell and increasing price volatility.

What happened could also generate some uncertainty among investors, causing its price to plummet.

Binance justified the action by stating that when a cryptocurrency or token no longer meets “the high level of standard” they expect or the industry changes, they carry out a “deeper” review.

For its part, Kraken, another exchange with global reach, announced that is going to eliminate monero trading from its platform in Ireland and Belgium starting next June 10.

These measurements can be interpreted as a response to regulatory pressures from States seeking greater transparency in financial transactions, including those carried out with cryptocurrencies. A feature of Monero is that it allows you to hide, by default, all transactions that occur on the network (unlike, for example, Bitcoin or Ethereum where the accounting is public).

Monero community expresses itself

Despite these obstaclesmonero and its community are not daunted. As one member of the crypto community put it: “Monero doesn’t need Binance to shine.”

On the social network Reddit, members of the community have also expressed themselves about the obstacles that States and exchanges around the world have imposed on the cryptocurrency. One of them said that he doesn’t think monero will ever gain mass adoption. “The rulers are not going to take off their crowns and hand them over to a decentralized model without fighting for their lives. “Monero belongs and will belong to a pseudo-economy,” he commented.

In his reflection he stated: “monero is the true bitcoin that maintains the spirit cypherpunk by Satoshi, that’s why I love it. But, unfortunately, I don’t see the majority accepting it.”

In response to regulatory “attacks,” they launched a decentralized exchange (DEX) called Haveno, which operates non-custodial and focuses on privacy for monero. Recently, protocol changes have been implemented that improve offering reliability and fix issues with custom monero nodes and payment confirmations.

Bullish trend for monero

The cryptocurrency has formed a double bottom pattern, characterized by two consecutive lows in the price of the asset, separated by a peak that does not exceed the level of the first low, according to the following chart. This is interpreted as a sign that the downtrend has weakened and could be about to reverse..

This pattern has developed within an accumulation chart, a period in which the asset’s price remains within a tight range before an eventual bullish or bearish breakout.

Additionally, monero has broken a multi-year diagonal resistance line. If it breaks the green resistance line on the box, the first target is the orange line, that is, a price of $268according to a projection by the analyst known as The Don Of Apes.