- On April 21, the price of Monero (XMR) saw a nearly 5% rise on the daily chart, helping its value rise above $371 with a market capitalization of $6.84 billion.
- Amid bullish sentiment in the cryptocurrency market, demand for privacy coins is helping Monero follow an upward trajectory.
- This rise comes after the public audit of MoneroRun 2026 that took place on April 18, during which a large number of users withdrew their XMR from centralized exchanges and moved the coins to self-custodial wallets for an entire day.
On Tuesday, the price of Monero (XMR), one of the leading privacy cryptocurrencies, gained upward momentum after rising 5%, taking its value to $371.
At the time of writing, Monero XMR8.01%It is trading at around $370.68, with a market capitalization of around $6.84 billion and a daily trading volume of around $134.03 million, according to CoinMarketCap.
MoneroRun 2026 audit triggers short squeeze
The rise in the price chart comes after the successful MoneroRun 2026 public review conducted on April 18. As a result, a large number of users withdrew their XMR from centralized exchanges and moved the coins to self-custodial wallets for a whole day.
This process created direct pressure on exchanges to maintain full reserves. When large withdrawals take place, exchanges start accumulating XMR on the open market to cover the outflow. The same buying pressure was repeated this year and created a short squeeze that sent the price rapidly rising.
According to TradingView price chart, XMR is following a higher high and higher low uptrend on the daily chart that started after facing a correction in March. The price is currently within an ascending channel and recently bounced from the $351 support area before turning higher.
The RSI on the 14-day time frame is hovering around 75, indicating that the cryptocurrency is currently at an overbought level. The 10-period EMA is at around $351, which is acting as clear support. While the price is trading comfortably above both the 50-period simple moving average, around $353, and the 200-period simple moving average, around $348.
These moving avengers also confirm the medium-term bullish momentum. Immediate resistance is at around $378 to $380. If the coin price exceeds $385, Monero could move towards the next liquidity zone at $400.
In recent days, the demand for privacy coins, such as Zcash, has increased significantly among investors. To capture this boom in Crypto marketthe Monero ecosystem is making new upgrades to its privacy coins. Recently, developers have released an alpha version of FCMP++ in recent weeks to expand group anonymity and improve scalability.
Significant progress on the Seraphis and Gametis protocols is moving forward with community audits planned for later this year. THORChain integration has reached major milestones, allowing XMR to move cross-chain with enhanced privacy. The Monero Research Lab has published new peer-reviewed research papers on RandomX mining resistance and maintains consistent GitHub activity that keeps the protocol secure and decentralized.
The cryptocurrency market is showing strong bullish sentiment today, even after a volatile week. Bitcoin The coin rose above $77,000 on April 18, reaching a high of $77,136 before facing a minor correction and is currently trading around $76,000. This rise in the largest cryptocurrency has boosted overall confidence in the market and increased the overall value of the cryptocurrency market.
Meanwhile, the $293 million Kelp DAO hack over the weekend hurt the DeFi sector. This exploit led to a sharp drop of more than $13 billion in the total value locked across DeFi platforms in just 48 hours.
Read also: TRON price tracks bullish trend as Justin Sun fuels debate on decentralization
