Monero\'s XMR Token Reverses February Slide With Golden Cross

XMR has gained 25% in four weeks amid a crackdown on Botnet mining in some European countries and one of the leading miners' decision to shut down operations.

Monero (XMR) has reversed the losses incurred in February as the token rallied over 25% in four weeks.

Social media chatter suggests the recent crackdown on Botnet mining in some European countries may have helped XMR.

Botnet mining is a malicious practice of remotely using a compromised computer network to mine a cryptocurrency. Cybercriminals have shown a preference for XMR in botnet mining as its privacy features make it harder for law enforcement agencies to track the flow of funds obtained through botnet mining and other illegal activities.

Meanwhile, 2Miners, one of the leading monero mining pools, decided to discontinue mining XMR, which may have also contributed to the rally. The miner announced the XMR delisting on June 10.

It's worth noting that while XMR has reversed the February slide, it is yet to break out of the two-year trading range of $100-$185. Momentum studies do suggest the potential for a breakout ahead.

For instance, the 50-day simple moving average of XMR's price has crossed above the 200-day SMA, confirming a golden cross. The pattern suggests a potential long-term bullish shift in momentum.

News source：https://www.kdj.com/cryptocurrencies-news/articles/monero-xmr-token-reverses-february-slide-golden-cross.html

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