Monero (XMR) has shown surprising resilience against the policies of the US Federal Reserve, which has collapsed most cryptocurrencies, including the leader – bitcoin (BTC) .

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The price of XMR closed 2.37% higher the previous week at $217, Binance data shows. In comparison, BTC, which usually affects the wider crypto market, ended the week down 11.55%. The second largest cryptocurrency, Ethereum (ETH), also fell 11% over the same period.

While the cryptocurrency market has lost $163.25 billion from its valuation last week, down almost 9%, Monero’s market cap has increased by $87.7 million, which suggests that many traders have chosen to seek safety in this crypto-focused coin. on privacy.

Interestingly, the drop in the value of XMR is part of a pullback that started on April 21st at around $290. This could lead to either of these two outcomes: XMR breaks below the confluent support near $214, which also coincides with the token’s 200-week EMA near $161.50, or the token bounces and continues towards the technical upside target to $490.

Analysts are predicting a period of price spikes as Monero approaches a pre-hard fork scheduled for July 16th. According to a post on GitHub, a test version of the technical update is due out on May 16th. The team behind the project has confirmed that the hard fork will improve the security of the Monero network and lower fees.

#Monero has a network upgrade (hardfork) on July 16th 2022 at block 2668888.

Privacy and performance will be improved! ?

The update includes:
?Ring sizes will increase from 11 to 16 ?View tags to speedup wallet/node sync
?Multisig fixes
?Bulletproof+
? +more! #xmr $xmrpic.twitter.com/jZ5ouk1uqo

— John Foss (@johnfoss69) April 17, 2022

Meanwhile, demand for Monero is expected to rise in 2022 due to its promise to provide anonymity. For example, XMR has become one of the cryptocurrencies chosen by attackers for ransom, and CipherTrade research has shown a 500% increase in demand for XMR.