When we look at the Bitcoin side at the beginning of 2022, we see that hash rates climbed to all-time highs compared to other years.
On the other hand, while some Hash Rates increase, it may be insufficient for transfers from some crypto networks. However, Monero hash rates, which have shown a parabolic increase despite the correction made on the Bitcoin side since March, stand out among them.
When we examine the technical data, we can see that after the sharp decline on May 07, 2021, it is priced in the band range of 337 and 132 dollars, and with the rise of the latest impulsive movement, it is approaching the 294 dollars region, which has been tried many times in the past but could not be broken.
At the same time, the price is above the MA 50/100/200 moving averages. With the closes above the $337 zone, which is one of the major resistances, the above-mentioned resistance levels can be targeted in a possible bullish scenario.
In the downside scenario, fib. The retracement levels of about $213, coming from the 0.5 region, can be followed.
In the light of these data, it is observed that the interest of investors has been on the side of Monero lately, both with its price performance and its hash power performance.