Monero (XMR) has climbed by more than 10% in the last 24 hours, pushing its price above $350. This upward move comes as renewed interest in privacy coins is fueled by two important ecosystem developments. The first involves expanded hardware wallet support, and the second relates to an upcoming security audit from a well-known cryptography expert.
After trading as low as $308, XMR surged to a daily high near $356 before settling around $351. Despite this impressive rally, the token remains down over 13% in the past month. However, the recent price action has shifted short-term momentum in favor of buyers, and XMR is now testing a critical descending trendline that has capped its recovery for several months.
The integration of Monero into the FOUNDATION Passport Prime hardware wallet through Cake Wallet is a significant driver. As centralized exchanges continue to delist privacy-focused assets due to regulatory concerns, self-custody solutions become more crucial for holders. This partnership provides XMR users with a secure storage alternative, reinforcing the core privacy ethos of the project.
Another catalyst comes from security researcher Taylor Hornby, who recently gained attention for uncovering a critical flaw in Zcash’s Orchard protocol. When asked if he would audit Monero, Hornby confirmed he would add it to his review queue. While this news could bolster confidence if the audit finds no major issues, it also introduces uncertainty—any discovered vulnerability might trigger volatility.
From a technical perspective, XMR is hovering near a key resistance zone between $360 and $400. A daily close above this area—ideally above the descending trendline—would signal a potential breakout. The relative strength index (RSI) has moved from oversold to neutral territory, currently at 50.03, indicating improving but not yet strong momentum. The MACD histogram is narrowing, suggesting that bearish pressure is easing, although the moving average convergence divergence lines remain below zero.
Volume during this rally has been moderate, not yet at levels typical of major breakouts. The primary support zone lies around $300 to $320; a drop below $300 would invalidate the recovery structure and suggest the surge was merely a dead cat bounce. For now, traders are watching whether XMR can sustain above $350 and challenge the $400 mark, which would be a significant psychological and technical barrier.