2024

Polis

Monero

Resistance

<ul class="list-ic vertical"> 
 <li> 1 <a>In a recent tweet, Monero announced an event called MonerKon 2024, scheduled from June 7th to 9th.&nbsp;</a> </li> 
 <li> 2 <a>Following the event’s disclosure, Monero crypto reversed its course and surged 20%.</a> </li> 
</ul> 
Monero 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 crypto is constantly advancing toward a major $170 hurdle. 
Earlier, despite the broader market optimism, the crypto has been facing a downturn since February and has 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.&nbsp; 
Monero aims to allow transactions to be taken privately and with anonymity. Launched in 2014, its privacy protocols are robust. Unlike Bitcoin, where each unit can be traced due to unique identifiers, Monero‘s currency units are indistinguishable from one another. 
This fungibility means that the transaction details, including the identities of the sender and receiver, as well as the transaction amount, remain hidden by default. 
<h2 class="wp-block-heading" id="strong-monerokon-2024-brought-back-investor-confidence-strong">MoneroKon 2024 Brought Back Investor Confidence!</h2> 
In a recent tweet, Monero announced a MoneroKon 2024 (also known as Monero Konferenco) event scheduled at the esteemed Paralelní Polis in Prague, Czech Republic, from June 7th to 9th.&nbsp; 
<center>
 <blockquote class="twitter-tweet">
 We're excited to share that MoneroKon 2024 is less than two weeks away! '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…— Monero (XMR) (@monero) <a href="https://twitter.com/monero/status/1795165188741640698?ref_src=twsrc%5Etfw">May 27, 2024</a>
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center> 
The conference and hackathon (MoneroKon 2024) are aimed at bringing together global privacy advocates, <a href="https://www.thecoinrepublic.com/2022/06/30/cypherpunk-holdings-let-go-of-all-ethereum-and-bitcoin-holdings-amid-crypto-havoc/" target="_blank" rel="noreferrer noopener">cypherpunks</a>, and scientists to discuss privacy and financial technology advancements. 
The announcement has favorably influenced XMR, catalyzing a recovery from past declines and steering its trajectory toward a bullish trend. Following the event’s disclosure, Monero crypto has jumped over 20%.&nbsp; 
<h3 class="wp-block-heading" id="strong-what-s-next-for-monero-strong">What’s next for Monero?</h3> 
From a price action analysis, the 200-day EMA acted as a major hurdle as the price suffered multiple times after being rejected by the EMA. 
The daily chart recently noted the formation of an ascending triangle pattern followed by a breakout, resulting in a trend shift towards the bullish side.&nbsp;  
<a href="https://in.tradingview.com/chart/XMRUSD/ex7imPPe-MoneroKon-2024-Event-Ignites-a-20-Surge-in-XMR-What-s-Next/"> </a> <a href="https://in.tradingview.com/u/Ritika_TCR/"> </a>&nbsp; <a href="https://in.tradingview.com/"> </a>  
At the time of writing, XMR was trading close to $164.5, recording a swift intraday gain of 2.84%. The price is trading in the green for the seventh consecutive session and has shown an impressive 20% straight gain. 
On the higher side, the $170 and $180 levels may act as a profit-taking level. On the other hand, if XMR pulls back, the price may get the buyers back near the $150 and $135 levels. 
<h3 class="wp-block-heading" id="strong-conclusion-strong">Conclusion</h3> 
XMR is on a seven-day gaining streak and broke out from a correction phase. The recent breakout has aligned XMR with the broader market’s uptrend, and the crypto is headed toward the major $170 resistance. Moreover, the MoneroKon 2024 announcement brought back investors’ confidence, pushing the price towards bullish territory.&nbsp; 
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. 
<h4 class="wp-block-heading">Disclaimer</h4> 
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

MoneroKon 2024 Event Ignites A 20% Surge In XMR: What’s Next?

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Thecoinrepublic.com

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