Monero (XMR) has jumped by 17.7% in the past week and currently sits at $348, just 33% away from its all-time high, as privacy tokens have been gaining popularity lately.
XMR offers crypto enthusiasts a way to conceal their digital trail and stay anonymous. The project has been criticized for facilitating illicit activities like money laundering.
However, privacy and anonymity are core values of blockchain technology.
Ki Young Ju, the founder of the blockchain analytics firm CryptoQuant, shared an X post that dives into the importance of ‘dark stablecoins’, fiat-pegged tokens that still allow users to make transactions privately.
In his post, he emphasized that governments will get more aggressive in their regulatory efforts to tackle money laundering through stable assets.
“People who used stablecoins for big international transfers might start looking for censorship-resistant dark stablecoins instead,” Ju predicted.
Ju’s comments support a bullish Monero price prediction as privacy tokens could be in high demand in the future as a blockchain-based alternative to escape the government’s attempts to intervene in the decentralized finance (DeFi) space.
Monero Price Prediction: A Pullback Could Raise The Necessary Liquidity to Push XMR Higher
Monero’s daily chart shows that the price broke its consolidation with a strong bullish candle in late April and started to rally from a closing price of $258.66 to $348.78 in just 18 days for a 35% gain.
The rally does not show signs of stopping yet but momentum indicators are heavily stretched at this point and this increases the odds of a short-term pullback.
The Relative Strength Index (RSI) currently sits at 86.6, which signals that the asset is overbought and could soon experience a price correction.
In addition, the 21-day exponential moving average (EMA) currently sits 36% above the 200-day EMA. This also indicates that the trend is heavily stretched and increases the odds of a mean reversion.
This is bearish in the short term but does not necessarily indicate that the rally is over. What it means is that the price trend could be due for a pullback to raise the necessary liquidity to keep pushing prices higher later.
The 21-day EMA is the key support to watch in this case along with the $290 level, which is the previous high.
Like crypto enthusiasts, content creators have been dealing with censorship and unfair platform bans for years. A new crypto presale called SUBBD (SUBBD) aims to change that by introducing a decentralized content distribution platform.
SUBBD (SUBBD) Raises Nearly $400K to Launch its Platform
The SUBBD (SUBBD) presale kicked off in early April and has already attracted significant interest from investors as it solves a key issue that influencers have been dealing with for years.
Centralized platforms typically impose unfair bans and take a big cut from creators’ earnings. SUBBD changes this dynamic by creating an environment that is supportive of all types of content.
The SUBBD token enables fans to get discounts, early access to new features, and access to custom requests. For influencers, the token is used to immediately liquidate their earnings and give them a say in the platform’s roadmap and governance rules.
More than 2,000 creators with a combined following of more than 250 million users have already joined SUBBD.
To buy $SUBBD at its discounted presale price, visit the SUBBD website and connect your wallet (e.g. Best Wallet). You can either swap USDT or ETH or use a bank card to make your investment.
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