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- On April 9, Monero gained an upward momentum with a bullish sentiment in the crypto market and rallied around 6%, helping the cryptocurrency to soar over $345.
- The privacy coin is revolving around a major resistance level at around $350 with a market capitalization of $6.37 billion.
- Privacy coins, like Zcash, Monero, and Dash, are rapidly gaining value as their demand has grown impressively in the last few months.
Amid the bullish sentiment in the crypto market, privacy coins are once again in the trend as popular coins like Zcash and Monero gained an upward momentum on Thursday. On April 9, Monero witnessed a jump of 5% in 24 hours.
According to CoinMarketCap, Monero is currently trading at around $345.51 with around 6.12% spike on the daily chart. At present, it is holding a market capitalization of around $6.37 billion with a daily trading volume of $94.62 million.
Monero Jumps On a Bullish Sentiment in the Crypto Market
According to TradingView, Monero has completed the cup and handle formation on the long-term timeframes. Amid the bullish sentiment in the crypto market, there is a slow momentum now building as the token is rapidly heading toward a major resistance level at $355. If the cryptocurrency manages to break this resistance level, it will help to break through the $380 to $400.
(Source: TradingView)
The token is also sitting at the entry level on the Fibonacci retracement. This also confirms more space left for the overall technical setup.
Monero is also showing a bullish breakout on the current chart. At present, the cryptocurrency is consolidating around a resistance level. There might be a minor drop before the strong upward movement, where traders might gather enough liquidity for the next major highs.
There are strong dollar cost averaging zones between $351 and $350, then $348 to $347, and $345 to $344. According to the current price chart, the stop loss should be locked around $340 to avoid risk during a major crash in the cryptocurrency. On the other hand, there are major profit targets at around $355, $360, and $365.
The upward momentum in Monero was seen amid the positive sentiment in the crypto market after the Fear and Greed Index was set on neutral territory. The crypto market witnessed a strong bullish momentum after U.S. President Donald Trump announced a two-week ceasefire with Iran on April 7, 2026.
This announcement has provided a temporary relief as it reduced the odds of further escalation in the Middle East. This has also sparked euphoria in the crypto community and a rally in major cryptocurrencies. In just a few hours, Bitcoin (BTC) hit above $72,000 as the overall crypto market capitalization increased by $120 billion. Not just Bitcoin, other cryptocurrencies like Ethereum, also recorded strong rallies thanks to high trading volume.
Since the last few months, the demand for privacy coins has increased impressively. Privacy coins such as Zcash price have soared by over 65% in just a month.
Monero is one of the most popular privacy coins in the current market due to its strong fundamentals. The network has a unique mechanism to ensure privacy, where transactions between two parties stay confidential. Those investors who now seek privacy in financial markets are putting their investment in XMR. This feature is what makes Monero real private digital cash.
Apart from this, its CPU-friendly mining operation is helping the network to stay decentralized.
Similarly, Zcash has features like shielded transactions using zero-knowledge proofs. Grayscale has recently accumulated $46 million in shielded ZEC and higher adoption of private tools. Similar coins like Dash also witnessed a strong price momentum.