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Monero (XMR) price fell slightly to test the area around $167 on September 11, a move that mirrored Bitcoin (BTC)’s retreat from above $57,800.
XMR price currently hovers above a major support zone, and this resilience is likely to help bulls target a key breakout level. Such a bounce will buoy buyers further, particularly given the latest allegations that Monero transactions are traceable.
Monero transactions: Expert on leaked video
A recent “leaked video”, ostensibly from blockchain security and analytics firm Chainalysis alleges that Monero transactions are not as untraceable as the leading privacy coin claims.
While the video claims that the analytics firm had traced XMR transactions from 2021, the Chainalysis team hasn’t released a statement on the alleged “leaked video.”
However, a Monero community member has come out to emphasise that the privacy coins’ transactions are untraceable.
According to Csilla Brimer, Chainalysis has its own proxy Monero nodes that it has used to trace transactions related to IPs that connect to these nodes.
In a post on X, Monero notes that users can run their own Monero nodes to help improve the network’s privacy and security.
Avoiding proxy or external nodes and protecting IPs is key to maintaining on-chain privacy. Also, this contributes to the blockchain network’s decentralisation.
XMR performance compared to broader market
Monero continues to lead the privacy coin market in terms of market cap, ahead of Zcash (ZEC), Dash (DASH) and others.
Currently, it’s ranked the 30th largest cryptocurrency with a market capitalization of $3.08 billion.
According to data from CoinGecko, Monero’s price has declined 4.3% in the past week.
This performance means the privacy coin is underperforming the global crypto market that’s 2.4% down over the same period at the time of writing.
XMR is also lagging Layer 1 peers, with the sector down 1.50% at the time of writing. In the past 24 hours, Monero price is down 1.2% to change hands around $167.
Monero price analysis
A look at Monero on the daily chart shows that XMR hovers below a key horizontal line. This area formed a hurdle above which the altcoin raced to its 2021 peak.
XMR prices have in recent months retraced from the critical supply zone. The downtrend has benefitted from factors such as overall market weakness, regulatory scrutiny and exchange delistings.
However, the cryptocurrency is showing signs of a potential bullish breakout with an ascending triangle pattern.
Forming higher lows while holding above the 20-day EMA will help bulls. This is also possible with the cup and handle pattern, which could see XMR break to $200 before a potential retest of the $300 area with further strengthening.
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