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Monero (XMR) price saw significant growth in October, consistent with a strong month for privacy coins after sanctions on Tornado Cash were repealed.
Renewed interest in the sector fueled gains in the top five privacy coins, with Monero up 21% and maintaining its position as the largest privacy coin by market capitalization.
October Is a Great Month for Privacy Currencies
October January has been a banner month for privacy coins, boosted by the lifting of sanctions on Tornado Cash, rekindling interest in the sector.
All five top privacy coins recorded significant gains, with DASH leading the way, surging a whopping 167%. This surge represents the market’s renewed confidence in security-focused assets following the regulatory change.
Monero is the largest privacy coin by a significant margin and its price has increased by 21% this month. With a market capitalization larger than the combined value of the next four largest coins, XMR continues to dominate the space.
Monero DMI Shows Strong Current Uptrend
Monero’s DMI chart reveals a strong trend as its ADX has increased to 41.4, from below 30 just a day ago, making it one of the strongest growing altcoins.
This strong increase shows that the strength of XMR’s current trend has strengthened significantly, demonstrating heightened market momentum.
ADX (Average Directional Index) measures trend strength, with values ​​above 25 indicating a strong trend and below 25 suggesting a weak or consolidating market. In the case of XMR, the DMI chart shows D+ at 33.4 and D- at 10, indicating that buyers still have a large advantage over sellers.
However, the decrease in D+ and increase in D- shows that selling pressure is starting to increase, which could slow XMR’s upward momentum if this trend continues.
XMR Price Prediction: Will Monero Price Maintain Its Upward Momentum?
XMR’s EMA remains in an uptrend, with the short-term averages above the long-term averages and the price maintaining above the short-term ones. This setup shows a sustained uptrend, hinting that the current trend could continue.
If this uptrend holds, Monero price could challenge the $217 resistance and potentially reach $220 and $225, levels not seen since May 2022.
However, the DMI chart signals that a trend reversal is possible, which could send XMR price down to test the nearest strong support at $166.
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