XMR is also nearing a breakdown move led by the formation of rising wedge, a classic bearish reversal pattern.
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XMR's bearish setup comes as Monero prepares to launch the testnet version of its hard fork this month.
The bullish setup emerges as Monero gears up to undergo a major hard fork in July 2022.
A surge in ransomware in 2021 has also resulted in a surge in Monero usage as the method of payment as more criminal groups want only XMR.
Monero hard forks are meant to improve the base protocol and will not result in the splitting and creation of a new coin.
XMR price cup-and-handle pattern fetches a bold $10,000 price prediction for 2023.
Bitcoin’s bullish surge and the urgent need for shielded crypto transactions appear to be benefitting XMR, TORN and KNC.
The sharp increase in MineXMR's mining hash rate in the past few months has led some XMR enthusiasts to suspect ulterior motives.
Several political extremists have derived a great deal of wealth from cryptocurrency donations since their supporters can remain anonymous and transactions can't be censored.
Although privacy coins grant users unparalleled protection for their personal information, some fear they can easily be used for illicit purposes.