Privacy coin Monero (XMR) has experienced a 7.7% increase in the last 24 hours and a 16.5% increase last week.

Monero Transaction Volume Doubled in 24 Hours
Monero (XMR) experienced a prolonged decline and gained value after reaching a significant low point in mid-April. For example, on April 13th, XMR was trading at $115 per unit and today it is at $181.

Monero and other privacy-focused cryptocurrencies have faced challenges this year, particularly due to numerous delistings from centralized exchanges. Despite significant fluctuations in the cryptocurrency's hash rate, the price of XMR is increasing.

Following the peak hash rate in May, the hash rate decreased significantly at the end of the month due to the "Operation Result" by Europol targeting botnets and shutting down more than 100 servers.

This pressure has negatively affected crypto theft operations where mining software illegally utilizes people's CPU power for XMR mining. Within the last 30 days, XMR has shown a 37.8% increase against the US dollar, with a trading volume of around $128.82 million in the past 24 hours.

XMR transaction volume has doubled since June 9th; tether (USDT) has become the most popular trading pair, accounting for 82% of XMR transactions. Other popular pairs include USD, BTC, EUR, and ETH.

XMR charts show a strong uptrend in various time frames. The daily chart indicates a significant uptrend since mid-May, with prices rising from approximately $130 to the current $181.

This uptrend is supported by increasing volume, indicating strong buying interest. The key support levels are $170, $160, and $150, with the next resistance level around the psychological $190.

The relative strength index (RSI) on the XMR/USD daily chart indicates that the asset is approaching overbought territory and suggests a potential pullback. The upward momentum on the 4-hour chart continues in line with the daily analysis, with higher and higher lows.

Instant support levels are around $176 and $172, with resistance near $185 and the next potential resistance at $190. Moving averages on different time frames indicate an uptrend, strengthening the strength of the uptrend.

The oscillators are giving mixed signals, the RSI is approaching overbought levels, indicating the need to be cautious for new entries. Overall, the technical indicators of XMR indicate the continuation of the uptrend, with attention to resistance levels for potential profit taking.

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