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Monero Price Prediction: Privacy coin surges by 30% amid Biden crypto taxation plan

TL;DR

TL;DR Breakdown

  • Monero price prediction highlights Monero’s price upsurge following the US president’s new crypto tax plan.
  • Monero registers a 30 percent uptick after the news from Joe Biden.
  • Monero is a leading privacy token that hides the identity of users during transactions.

Earlier today, leading privacy cryptocurrency, Monero, registered an impressive 30 percent price surge following the United States President’s new tax proposal. According to Joe Biden’s new tax proposal, business owners and companies transacting more than $10,000 would be required to file their tax information. The sudden price uptick was experienced during today’s early morning trading session.

Monero Price Prediction: General price overview

At the time of writing, privacy cryptocurrency, Monero, is exchanging hands at around $291 after having an impressive early morning trading session. The sudden surge in the crypto’s price comes a day after the US announced they intend to start taxing crypto transactions above the $10,000 mark. The proposal indicates that such transactions will be required to be filed to the tax office starting in 2023. Interestingly, Monero is one of the cryptocurrencies that preserve its users’ identities, and it is mostly famous among those who use virtual assets on the black market. According to a section of crypto pundits, Monero is the only cryptocurrency approved by one of the world’s largest darknet institutions, the White House.

According to analysis, Monero’s bullish momentum is gaining pace because the US tax office will not be able to prosecute anyone who defies the tax rules if they cannot trace them. This factor alone is enough to see privacy token hit new milestones. With a market capitalization of about $5.4 billion, XMR is currently the 28th most significant virtual asset, according to CoinMarketCap.com.

Monero price movement in the past 24 hours

Source: TradingView

Like most cryptocurrencies, Monero was not spared by the May 12 market crash. The privacy-oriented token depreciated to $173 on Wednesday following a massive sell-off in the market. However, the last 24-hours have been interesting for the crypto as it has managed to register an impressive 30 percent upsurge to move towards the $310 price region. At the time of writing, Monero is trading at around $291, which is roughly 70 percent above May 12 lowest price level.

Monero 4-hour chart

Source: TradingView

According to the 4-hour chart, Monero appears to be on the right recovery path as key technical indicators support its bullish narrative. At present, the Moving Average Convergence Divergence indicator shows Monero is bullish. The technical indicator is currently levitating above the Signal level. Additionally, Monero’s Relative Strength Index currently stands at around 45, highlighting the crypto coin is balancing very well bearish and bullish pressure.

Going by the early morning price surge, Monero managed to slice above critical levels such as the 78.6 percent and 61.8 percent Fibo retracement levels. At present, Monero is hanging above the 61.8 percent retracement level while consistently attempting to break the 25-day and 15-day Exponential Moving Average.

Conclusion

Now that Monero has sliced above the 61 percent retracement level, the crypto asset appears to be on the path of fully turning bullish. While it might be too early to speculate, any price upsurge could see Monero rise above the $340 mark, which coincides with the 50 percent Fibonacci retracement level. However, bulls have to ensure Monero does not depreciate below this week’s $172 low as such a move would nullify any bullish narrative.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Robert Githinji

Robert is a crypto and blockchain pundit with a vast experience in deciphering crypto charts and deriving ideas. He has made the rounds of major crypto news outlets and joins the upbeat at Cryptopolitan team. Apart from dabbling with cryptomarket trends, he is an avid footballer and a coffee lover.

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