Monero bulls keeps an eye on high levels despite Huobi delisting concerns

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Monero bulls keeps an eye on high levels despite Huobi delisting concerns

By Motiur Rahman - min read
  • Monero has maintained an uptrend since June

  • The network underwent a successful upgrade on August 13

  • Huobi Global announced it was delisting XMR to align with the financial regulations

Monero XMR/USD, a privacy-focused cryptocurrency, is rarely mentioned in crypto quarters. However, it has remained steadfast since June, amid the mixed crypto sentiment. The cryptocurrency has yet to relinquish key levels, making it among the strongest tokens. 

One of the key factors that have supported Monero is the upgrade that occurred on August 13. The upgrade improves the network’s privacy features with Bulletproofs+ safeguards. It also introduces greater security and faster transactions on the network.

While Monero has been regarded highly in the crypto sphere, its privacy features have been contented. Some regulators have highlighted the risks of non-traceability of privacy coins. On September 12, Huobi Global announced delisting Monero, among other tokens. The delisting is expected to take effect on September 19, 2022. Huobi cited the need to comply with the financial regulations in the delisting. 

XMR on an uptrend as price eyes $181 next

Source – TradingView

A technical outlook shows Monero token trading near the mid-August highs. The price is entering an important phase, which is surpassing the August high and hitting $181. However, the main resistance for XMR is $204. 

Technical indicators are bullish on XMR. The 20-day and 50-day moving averages support the token. A MACD crossover above 0 also affirms a bullish momentum. XMR needs to overcome the $170 level to hit $181. 

Summary

Monero token remains bullish amid Huobi delisting concerns. The price has surged above moving averages, but the August high of $170 is an obstacle. XMR will ride to $181 next if the current momentum remains and surpasses the August high. The token could potentially rise to $204.

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