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Monero (XMR), a cryptocurrency that focuses on protecting user privacy. According to data from CoinMarketCap, its trend is not affected by the recent decline of Bitcoin. It has risen by more than 40% in the past month. On April 9 alone, it increased by more than 40%. It rose 10% and stood at a high of nearly three months: around $243.

At the time of writing, it was still oscillating in the high point area, temporarily trading at $239.1. In terms of market capitalization, XMR is now trading at $4.34 billion, up nearly 70% so far in February.

 Two possible factors driving the rise

Why XMR can rise despite the broader market trend may be due to two main macro factors.

The first reason is: Due to the outbreak of the Russia-Ukraine war, Western countries have implemented financial sanctions on Russia, resulting in continued intensification of regulatory pressure around cryptocurrency.

European Central Bank President Christine Lagarde
Lagarde stated at a public meeting last month that Russia may use cryptocurrency to bypass the risk of sanctions, and even severely condemned encryption service providers as possible accomplices; he advocated that legislation should be immediately introduced to provide for participation in the issuance or provision of cryptocurrency related services. Companies providing services are prohibited from dealing with Russian customers to prevent any evasion of sanctions.

Another reason may be that the executive order signed by US President Biden in March, although the statement explained that the reason why Biden signed the order was to make the US government face up to the risks of the cryptocurrency market and the potential benefits of digital asset technology. , did not cause direct harm to the industry; but market research and judgment should eventually prompt the United States to establish a clearer regulatory framework for digital assets.

 Analyst: Expected to continue to break through

According to judgments provided by analysts on the Tradingview platform, XMR broke out of the descending channel that had restricted its upward movement since May 2021. It appears to be forming a bullish bull flag pattern; based on the bull flag pattern’s bullish price target, which is usually the sum of the breakout point and the height of the flagpole, the price of XMR is expected to continue to break out and approach $480.

If the time frame is extended, Don Yakka, a technical analyst with 178,000 followers on Twitter, said that if XMR develops a classic cup-and-handle pattern, its price may reach as high as $8,500.

Although analysts are optimistic that XMR will strengthen in the future, due to increasing regulatory pressure from multiple governments around the world, it is unclear whether privacy coins like Monero will face more stringent regulatory measures; and the U.S. stock market is facing rising interest rates. With the economic outlook unclear, the market seems to have entered a downturn recently. Whether it will have further impact on the cryptocurrency market is also a concern. Investors need to keep market risks in mind and deal with them carefully.