Monero (XMR) up 11% week-on-week despite market slump. What’s next?

Monero (XMR) is the biggest weekly gainer among major cryptocurrencies as 48 of the 50 biggest digital coins were down week-on-week.

XMR hit its three-month high of $244.30 on Sunday and is up 11.2% week-on-week, making it the biggest gainer among the fifty major cryptocurrencies by market capitalisation. The second biggest weekly gainer among the top 50 coins, dogecoin (DOGE) added 1.6% in that period. 

Meanwhile, the rest of the top 50 cryptocurrencies pack barring stablecoins were in red over the last seven weeks of trading. 

Bitcoin (BTC) lost 8.3% in the same period while ether (ETH) is down 9.2%, data from CoinMarketCap.com show.

Coin screening and technical analysis platform altFINS wrote in a note on XMR Monday morning: “Ascending Triangle has broken through the resistance line at April 10, 0:00 UTC. Possible bullish price movement forecast for the next nine days towards 261.3370.” Ascending Triangle is a chart pattern used in technical analysis. 

XMR was trading at $239.4 at 09:30 UTC and despite its latest gains, XMR is still 54% down from its all-time high of $517.6 recorded on 7 May 2022. 

Monero uses privacy-enhancing features for user anonymity, and XMR has performed well in the wake of concerns that the European Union would crackdown on the privacy of cryptocurrency users within its anti-money laundering rules.

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