Monero scores high on social ranking, but is it enough to rejuvenate bulls

Monero achieved some level of success in overcoming sell pressure towards the end of February and briefly in the first week of March. However, the bears have finally caught up with it this week triggering significant price slippage.

Timeline of Monero

Monero [XMR] recorded a bearish trajectory on the higher timeframe charts. In contrast, it posted significant gains of 9.14% over the last four days, before facing rejection around the $155-zone.

The cryptoverse is home to a myriad of projects employing P2P (peer-to-peer) technology. But one such cryptocurrency which is widely known and is popular amongst users mainly for its privacy-oriented features is Monero. It is built on one of the most unique blockchains that make the transaction details anonymous.

Monero's [XMR] hiked 27% in January, reaching a high of $188, up from $147. However, the privacy-focused cryptocurrency has corrected all the gains during its decline in February.

Monero's [XMR] press time plunge was likely because of an increasing divergence in key technical indicators. XMR dropped by over 6% in the past seven days, as per Coingecko's data.

The Monero currency was first released in April 2014 as a Bytecoin fork. The coin was developed on the principle of fungibility and privacy and implements a unique concept known as blockchain obfuscation.

Monero [XMR] has broken above a higher timeframe trendline resistance, and also progressed past the $160 mark. The $150 – $160 area has been contested since September 2022, therefore the daily session close at $168 on 11 January was a sign of bullish intent.

The last 12 months have been tough on digital currency investors as the crypto winter has caused a large sum of value to leave the once-bustling economy. The privacy coin economy, for instance, shed more than 55% against the U.S. dollar as it dropped from $11.7 billion in Jan. 2022 to the current $5.22 billion.

Multiple investors face problems making withdrawals in their Monero (XMR) wallet in Binance, prompting a public outcry on Reddit.  XMR withdraws worries An agitated customer, identified as WhatJay, posted a screenshot showing XMR withdrawal suspension.

It was a red week for the S&P 500 which fell 6.4% from Tuesday's (13 December) open at 4092 to a low of 3829 on Friday (16 December). This began to hurt Bitcoin on Wednesday (14 December) when BTC tested the $18.2k level as resistance.

XMR endured the market collapse, putting up an impressive performance in the last thirty days Traders' interest was unusually high with a possibility of sustenance At a time where a bunch of crypto projects have been struggling for survival, Monero [XMR] seemed to have found stability.