- On April 21, Monero (XMR) price witnessed a spike of around 5% on a daily chart, helping its value to surge above $371 with a market capitalization of $6.84 billion.
- Amid the bullish sentiment in the crypto market, the demand for privacy coins is helping Monero to follow an upward trajectory.
- The spike comes after the MoneroRun 2026 public audit that took place on April 18, where large numbers of users withdrew their XMR from centralized exchanges and moved coins into self-custody wallets for a full day.
On Tuesday, Monero (XMR) price, one of the leading privacy coins, gained bullish momentum after a spike of 5%, soaring its value to $371.
At the time of writing, Monero XMR8.01%is trading at around $370.68 with a market capitalization of around $6.84 billion and a daily trading volume of around $134.03 million, according to CoinMarketCap.
MoneroRun 2026 Audit Triggers Short-Term Squeeze
The spike on the price chart comes after the successful MoneroRun 2026 public audit that took place on April 18. Due to this, large numbers of users withdrew their XMR from centralized exchanges and moved coins into self-custody wallets for a full day.
This process has created direct pressure on exchanges to maintain full reserves. When large withdrawals take place, exchanges start to accumulate XMR on the open market to cover the outflow. The same buying pressure repeated this year and created a short-term squeeze that increased the price quickly.
According to TradingView’s price chart, XMR is following a higher high, higher low uptrend on the daily chart that started after facing a correction in March. The price is currently sitting inside a rising channel and recently bounced from the $351 support zone before climbing higher.
The relative strength index on the 14-day timeframe is revolving around 75, suggesting that the cryptocurrency is currently in overbought level. The 10-period exponential moving average is sitting at around $351, which is working as a clear support. While the price trades comfortably above both the 50-period simple moving average, around $353, and the 200-period simple moving average, around $348.
These moving avengers are also confirming the medium-term bullish momentum. There is an immediate resistance at around $378 to $380. If it breaks above $385, Monero could move toward the next liquidity zone at $400.
In recent days, the demand for privacy coins, such as Zcash, has increased dramatically among investors. To capture this boom in the crypto market, the Monero ecosystem is making new upgrades to its privacy coins. Recently, developers have released the alpha version of FCMP++ in recent weeks to expand the anonymity of the set and improve scalability.
Major progress on the Seraphis and Jamtis protocols moves forward with community audits planned for later this year. THORChain integration reached key milestones, allowing XMR to move across chains with enhanced privacy. The Monero Research Lab published new peer-reviewed papers on RandomX mining resistance and maintained steady GitHub activity that keeps the protocol secure and decentralized.
The cryptocurrency market is showing strong bullish sentiment today, even after a volatile week. Bitcoin soared above $77,000 on April 18, reaching a high of $77,136 before facing a small correction and currently trading around $76,000. This rally in the biggest cryptocurrency has boosted overall market confidence and increased the overall crypto market capitalization.
At the same time, the $293 million Kelp DAO hack over the weekend has damaged the decentralized finance sector. The exploit triggered a sharp drop of more than $13 billion in total value locked across DeFi platforms in just 48 hours.
Also Read: TRON Price Tracks Uptrend as Justin Sun Fuels Decentralization Debate
Source: https://www.cryptonewsz.com/monero-price-soar-5-monerorun-community-audit/