Monero Surges 8.66% As Privacy Cryptos Gain ECB Boost

Monero (XMR) saw a remarkable surge of 8.66% on October 30, as privacy cryptos gained an ECB (European Central Bank) boost. This surge was influenced by the European Central Bank’s Central Bank Digital Currency (CBDC) program, which sparked widespread conversations within the digital currency sphere. Although the CBDC program isn’t specifically aimed at Monero, it could indirectly affect privacy-oriented coins like XMR, leading to a surge in demand.

In an age where concerns about financial privacy are mounting due to easily traceable digital transactions, Monero’s unique anonymity features have become increasingly appealing to users. Consequently, experts predict that XMR’s price could reach $195 by the end of 2023. This development positions Monero (XMR) as an attractive option for investors seeking confidentiality amidst the changing financial landscape.

Speculation Abounds: Early Investors in Ethereum (ETH) and Monero (XMR) Pivot to a New Rising Crypto Starhttps://t.co/HqXXadOhhV

— 🕯️visionrz (@Iamvisionrz) November 1, 2023

Monero Critical Levels To Watch: November 1

From the year’s low at $126.5100, a new higher low formed around $135.7100. The price surged until the $172.5000 level was reached in the premium. XMRUSD declined afterward, forming a swing high at the $172.5000 price level.

The market structure shift occurred after the invalidation of the previous high of around $149.3600. The price continued upward in fractals until the previous high of $172.5000 was recently invalidated. XMRUSD is likely to remain bullish after the ongoing short-term retracement.

Monero Critical Levels

Resistance Levels: $172.500, $191.9300, $209.8900
Support Levels: 160.1300, $155.6400, $149.3600

XMR Metrics

Total Market Capitalization: $1.27T
Monero Market Capitalization: $3.2
Monero Volume: 84M
Market Rank: #24

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