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MoneroKon 2024 Event Ignites a 20% Surge in XMR: What’s Next?
MoneroKon 2024 Event Ignites a 20% Surge in XMR: What’s Next?
In a recent tweet, Monero announced an event MonerKon 2024 which is scheduled to happen on 7th to 9th June.
Following the event's disclosure, Monero crypto reversed its course and has surged over 20%.
Monero crypto is on a seven day gaining streak breaking out of a correction phase. The recent breakout in Monero has aligned it with the broader market trend and the crypto is constantly advancing towards a major $170 hurdle.
Earlier, Despite the optimism in the broader markets the crypto was facing a downturn since February and had been on a declining trend for the last few months. However, the recent announcement of the MoneroKon 2024 event brought back the investors confidence and the price reversed its course.
MoneroKon 2024 Brought Back The Investors Confidence!
In a recent tweet, Monero announced a MoneroKon 2024 (also known as Monero Konferenco) event which is scheduled to take place at the esteemed Paralelní Polis in Prague, Czech Republic, from June 7th to 9th.
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">We're excited to share that MoneroKon 2024 is less than two weeks away!<br><br>'Monero Konferenco (also known as "MoneroKon") brings together global privacy advocates, cypherpunks, and leading scientists to discuss advancements in privacy and financial technology. The conference and…</p>— Monero (XMR) (monero) <a href="twitter.com/monero/status/1795165188741640698?ref_src=twsrc^tfw">May 27, 2024</a></blockquote> <script async src="platform.twitter.com/widgets.js" charset="utf-8"></script>
The conference and hackathon (Monero)is aimed to bring together global privacy advocates, cypherpunks and scientists to discuss the advancements in privacy and financial technology.
The announcement has favorably influenced Monero (XMR) price, catalyzing a recovery from past declines and steering its trajectory towards a bullish trend. Following the event's disclosure, Monero crypto has jumped over 20%.
What’s Next For Monero?
From a price action analysis, The 200 day EMA acted as a major hurdle as the price suffered multiple times after suffering rejection from the EMA.
Recently, The daily chart noted the formation of an ascending triangle pattern followed by a breakout which resulted in a trend shift towards the bullish side.
At the time of writing, the XMR price was trading close to $164.5 recording a swift intraday gain of 2.84%. The price is trading in green for the seventh consecutive session and has shown an impressive 20% straight gain.
On the higher side, the $170 and $180 level may act as a profit taking level. whereas, if the price takes a pullback, the price may get the buyers back near the $150 and $135 levels.
Conclusion.
Monero (XMR) crypto is on a seventh day gaining streak, breaking out from a correction phase. The recent breakout has aligned XMR with the broader market's uptrend asn the crypto heading towards the major $170 resistance. Moreover, The MoneroKon 2024 announcement brought back investor’s confidence thus pushing the price towards bullish territory.
The price action analysis reveals that the crypto has overcome the 200-day EMA barrier, with an ascending triangle breakout indicating a bullish shift. At the time of writing, XMR was hovering close to $164.5, marking a 2.84% intraday rise. Resistance levels are set at $170 and $180, while $150 and $135 could provide support if a pullback occurs.
In a recent tweet, Monero announced an event MonerKon 2024 which is scheduled to happen on 7th to 9th June.
Following the event's disclosure, Monero crypto reversed its course and has surged over 20%.
Monero crypto is on a seven day gaining streak breaking out of a correction phase. The recent breakout in Monero has aligned it with the broader market trend and the crypto is constantly advancing towards a major $170 hurdle.
Earlier, Despite the optimism in the broader markets the crypto was facing a downturn since February and had been on a declining trend for the last few months. However, the recent announcement of the MoneroKon 2024 event brought back the investors confidence and the price reversed its course.
MoneroKon 2024 Brought Back The Investors Confidence!
In a recent tweet, Monero announced a MoneroKon 2024 (also known as Monero Konferenco) event which is scheduled to take place at the esteemed Paralelní Polis in Prague, Czech Republic, from June 7th to 9th.
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">We're excited to share that MoneroKon 2024 is less than two weeks away!<br><br>'Monero Konferenco (also known as "MoneroKon") brings together global privacy advocates, cypherpunks, and leading scientists to discuss advancements in privacy and financial technology. The conference and…</p>— Monero (XMR) (monero) <a href="twitter.com/monero/status/1795165188741640698?ref_src=twsrc^tfw">May 27, 2024</a></blockquote> <script async src="platform.twitter.com/widgets.js" charset="utf-8"></script>
The conference and hackathon (Monero)is aimed to bring together global privacy advocates, cypherpunks and scientists to discuss the advancements in privacy and financial technology.
The announcement has favorably influenced Monero (XMR) price, catalyzing a recovery from past declines and steering its trajectory towards a bullish trend. Following the event's disclosure, Monero crypto has jumped over 20%.
What’s Next For Monero?
From a price action analysis, The 200 day EMA acted as a major hurdle as the price suffered multiple times after suffering rejection from the EMA.
Recently, The daily chart noted the formation of an ascending triangle pattern followed by a breakout which resulted in a trend shift towards the bullish side.
At the time of writing, the XMR price was trading close to $164.5 recording a swift intraday gain of 2.84%. The price is trading in green for the seventh consecutive session and has shown an impressive 20% straight gain.
On the higher side, the $170 and $180 level may act as a profit taking level. whereas, if the price takes a pullback, the price may get the buyers back near the $150 and $135 levels.
Conclusion.
Monero (XMR) crypto is on a seventh day gaining streak, breaking out from a correction phase. The recent breakout has aligned XMR with the broader market's uptrend asn the crypto heading towards the major $170 resistance. Moreover, The MoneroKon 2024 announcement brought back investor’s confidence thus pushing the price towards bullish territory.
The price action analysis reveals that the crypto has overcome the 200-day EMA barrier, with an ascending triangle breakout indicating a bullish shift. At the time of writing, XMR was hovering close to $164.5, marking a 2.84% intraday rise. Resistance levels are set at $170 and $180, while $150 and $135 could provide support if a pullback occurs.
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