The Monero price is retreating after it surged by more than 20% yesterday. It is up by more than 12% in the past 24 hours bringing the past seven-day gains to 21%. The XMR is trading at $385, which is 9% below the intraday high of $425. Its market cap has surged to more than $7 billion and is now the 22nd-biggest digital currency in the world.
The background: Monero is a fast-growing digital currency that was started in 2014. It is a widely accepted currency that is beloved for its privacy features. It uses encryption that makes it almost impossible to track transactions. While Bitcoin transactions are private, they are easy to track.
The Monero price surged to a three-year high mostly because of a recent network upgrades and the so-called atomic swaps. There is chatter within the community about these swaps that will allow for communication between XMR and BTC. Also, the XMR price has surged because of the recent launch of a Monero exchange known as Haveno.
Monero price forecast
In my last Monero price prediction article, I wrote that there was a high probability that it would rise to $300. Since then, the currency moved above $300 and surged to the year-to-date high of $425. Today, looking at the daily chart, we see that this upward trend is being supported by the 25-day and 15-day moving averages.
The RSI and other oscillators have also moved above the overbought level. In the near term, the XMR price will remain in a bullish trend so long as it remains above the two moving averages. If this happens, the next key resistance to watch is $450, which is about 25% above the current price.