Monero Suffers 11% Drop in Price: XMR Downturn; Experts Praise ICO Offering Free Bitcoin as Top Cryptocurrency to Invest In Now

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The price of Monero, symbolized as XMR, took a surprising drop of 11% in the past 24 hours, now trading at $276 at 3:43 a.m. EST. This decline was accompanied by a decrease in trading volume, down to $226 million.

This unexpected dip happens in the wake of over 3,520 BTC, equivalent to approximately $330.7 million, being suspiciously converted into Monero. Blockchain analyst ZachXBT pointed out this unusual movement, suspecting it might be linked to a hack [@zachxbt_April_28].

Nine hours previously, a questionable transaction was made from a potential victim for 3,520 BTC ($330.7M). Below is the associated address:- Theft address: bc1qcrypchnrdx87jnal5e5m849fw460t4gk7vz55g

After the funds were moved, they began to be laundered via several instant exchanges, ultimately exchanged for XMR, which triggered the XMR price to spike.

Due to Monero's limited liquidity, this large transaction caused XMR to surge 45%, potentially leading to a $66 million loss for the sender.

Can the Bulls Regain Control over Monero's Price?

As we speak, the XMRUSDT trading pair is currently cruising at $276, buoyed by the surging market momentum [Tradingview]. Since January 2023, after a quiet stretch in prices, Monero has seen a considerable breakout from its three-month-long sideways consolidation between $180 and $210. This period was characterized by tight price action, low volatility, and heavy accumulation.

Initiating the surge was a powerful breach of the $230-$240 resistance area, previously functioning as buy-side liquidity. This decisive sweep confirmed a shift in the market structure, indicating the transition from a range-bound market to a bullish trend.

A Fair Value Gap (FVG) formed between $225 and $235 during this breakout. This price gap illustrates how aggressive buyers propelled the price higher, leaving behind unfilled orders.

Monero's price movements are further backed by its Relative Strength Index (RSI), currently standing at 82.24. This shows strong buying interest and bullish momentum, though it also indicates XMR is overbought. A short-term correction or sideways consolidation close to the $250-$260 level could provide the market with some time to cool off before its next move.

What Could Monero's Future Have in Store?

Technically, the breakout signifies the end of the accumulation phase and puts Monero back in the spotlight for crypto traders and investors. Support now lies between $230 and $240, a critical zone if Monero retraces. This area may serve as a launchpad if Monero corrects, bringing the price back up.

On the upside, psychological resistance levels at $300 and $320 are coming into focus. As the bullish momentum continues, Monero could test $340 in the near future. Traders are observing closely to see if Monero can hold above the $250 threshold in the forthcoming days, which could hint at the beginning of a sustained uptrend driven by increased investor confidence, expanded trading volume, and potential institutional interest in privacy-based assets.

With altcoin sentiment brightening, Monero's technical breakout could instigate further bullish movements in the broader crypto market.

BTC Bull Token Presale Climbs Past $5.1M - Is It the Next Hot Crypto?

While Monero's price breakout has been generating headlines, investors are pumping funds into a new presale project called BTC Bull Token (BTCBULL), which offers free Bitcoin to its holders. The project has already collected over $5.1 million.

The token features built-in mechanisms, such as BTC rewards and token burns when the Bitcoin price reaches certain milestones. This project is gaining attention among crypto supporters.

The first airdrop will occur when BTC reaches $150,000, followed by additional airdrops for every $50k increase in BTC's value afterward.

4 Key Rules of #BTCBULL:1️⃣ Pile up2️⃣ Hold for the long term3️⃣ Burn4️⃣ Repeat [@BTCBULLTOKENCSD, April 4]

The project's built-in burn mechanism comes into play once Bitcoin surpasses $125,000. This mechanism will continue for every $25,000 increase in the BTC price, reducing token supply and potentially boosting the BTCBULL price.

The 99Bitcoins YouTube channel, with over 725K subscribers, predicts BTCBULL could surge 10x after launch [99Bitcoins, 2025]. Furthermore, investors can stake BTCBULL tokens for an impressive 80% annual return [BTCBULL].

Anyone enthusiastic about joining the presale can purchase BTCBULL tokens for $0.002485 each using cryptocurrency or a bank card. For the optimal experience, use Best Wallet, a multi-chain wallet completely integrated with BTC Bull Token's reward system. Holding $BTCBULL in the app ensures you automatically receive Bitcoin airdrops when milestones are met.

In conclusion, as Monero faces temporary setbacks, the broader crypto market continues to buzz with excitement, with projects like BTC Bull Token attracting growing interest from investors. Stay informed and connected to the latest happenings in the crypto world—join our active Telegram channel today!

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The surge in Monero (XMR) price, following the laundering of funds from a potentially stolen Bitcoin (BTC) address, has led to concerns about increased theft and suspicious activities on exchanges.
While the price of XMR has spiked due to the laundered funds, its Relative Strength Index (RSI) currently indicates that the cryptocurrency is overbought, potentially signaling a short-term correction.
As the crypto market buzzes with excitement over projects like BTC Bull Token (BTCBULL), the theft of over 3,520 BTC and its conversion into Monero serves as a reminder of the risks associated with the anonymity offered by privacy-focused cryptocurrencies.