Monero price is up by more than 7% as investors react to the ongoing tech censorship in the United States. The XMR price is trading at $169, which is higher than yesterday’s low of $142. Other privacy cryptocurrencies like Dash, Tezos, and ZCash have also bounced back.
The background: For starters, Monero is the biggest privacy-focused digital currency with a market cap of more than $3 billion, making it the 15th biggest digital currency in the world. Monero differs from Bitcoin and other currencies in that its transactions are untraceable. In fact, Federal officials have in the past offered millions in rewards for any person able to hack the system.What’s happening: In the past few days, investors and privacy-oriented individuals have been alarmed at the rising censorship in the United States. Just yesterday, Amazon suspended Parler, a free speech social media company. The company has also been suspended by the likes of Google and Apple. As a result, the Monero price has jumped because investors believe that its demand will continue rising.
Monero technical analysis
Yesterday, Monero price dropped by as much as 25% as part of the cryptocurrency rally. However, the price has jumped back and is up by more than 8% in the past 24 hours. On the daily chart, the currency remains above the 15-day and 25-day exponential moving averages (EMAs).
It is also close to its highest level since 2018. It is also between the rising channel that is shown in black. Therefore, the pair will likely continue rising as bulls target the upper side of the channel at $200.