Monero on the Recovery Track
Monero (XMR) is climbing 2.3% to $145.80 this week and is very close to the support of the uptrend established on June 18, 2022. This proximity to the uptrend support fuels hopes that the token will continue to rise.
However, Monero has faced significant pressure from U.S. regulatory actions, particularly because it is a privacy-focused cryptocurrency. Recently, the peer-to-peer trading platform LocalMonero announced it would stop trading the token. Although the platform did not specify the reasons, it is likely influenced by American regulators' scrutiny of privacy coins.
Despite this ongoing regulatory pressure, Monero surged by 21% in May, indicating it still has a dedicated user base. If the price crosses the $150.00 barrier, it is likely to continue rising to $175.00.
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