Monero (XMR) Unfazed By Market Jitters, Climbs 13% – Details
September 04 2024 - 10:30PM
NEWSBTC
A strong outlier in the current market situation, Monero (XMR)
moves against the broader downturn that plagues the market.
According to CoinGecko, Monero gained nearly 13% since last week,
putting the coin under the spotlight as one of the strongest
gainers within the bear market. Related Reading: RENDER
Flashes Red With 18% Short-Term Loss – Details Monero’s simplicity
lends itself to its focus on privacy and reliability, providing
great value for both investors and users of the platform. This led
to Monero’s semi-autonomous price movement which might continue
despite the market’s bearish nature. Monero Utilization Jumps
On CoinCards CoinCards, a gift card vendor, recently released some
statistics about cryptocurrency use on its platform. According to
the platform, Monero has the monopoly beating Bitcoin in
utilization. This huge utilization is due to Monero’s simplicity
and utility, garnering the attention of analysts on X.
Although the market is overwhelmingly bearish, analysts show
bullishness with predictions about XMR’s future performance.
“While everything else looks like pre-death, the privacy coin is
making higher lows and higher highs. Complete decoupling from the
market,” said Crypto Van Der Linde, a cryptanalyst on the X
platform. Although Binance and Kraken have delisted XMR for
their customers, the token still has a large user base that is
mostly concerned with their privacy. With more individuals
considering privacy to be a core issue, we might see cryptocurrency
users using XMR despite its downsides of slow transaction
times. Rally Turns Sluggish As of writing, Monero is well
between the $170-$174 trading range giving the bulls a great
position for more upside potential. However, the market’s
bearishness has bled through to XMR’s market, slowing down gains in
the long term. XMR’s less-than-significant correlation with
Bitcoin makes the coin more attractive to investors scouring the
market for profit-generating cryptocurrencies within the bearish
market. The relative strength index (RSI) shows that although the
coin has bullish momentum, XMR bulls are nearing exhaustion in the
short term. Related Reading: SUI Crashes 23% As September
Unleashes Market Panic—Is A Comeback Possible? The coin’s trading
range is pretty weak as the bears are gathering momentum to cancel
out short-term gains. Long-term, however, it seems that XMR bulls
will rest and gather momentum before another attempt to regain lost
ground. As it currently stands, XMR eyes a breakthrough on
$190 in the short term, providing a support level for the bulls to
prepare for a strong upward movement. After this movement,
investors and traders can target $200 in the long term.
However, if XMR succumbs to the bearish momentum within the market,
the coin might retrace back to $164 with more possible losses in
the short term. Featured image from Chainalysis, chart from
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