Monero (XMR) Unfazed By Market Jitters, Climbs 13%

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	16,167,730,910	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

16,167,730,910

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.019439	11.58%	0.187341	0.187418	0.187447

Price Change

Price Change %

Current Price

Bid Price

Offer

0.019439

11.58%

0.187341

0.187418

0.187447

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.190555	0.164521	0.167902	0.167902	0.077142 - 0.170321

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.190555

0.164521

0.167902

0.077142 - 0.170321

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	23:17:53	3,384.80	0.187341	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

23:17:53

3,384.80

0.187341

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,288,200.51	7,301,167.84	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,288,200.51

7,301,167.84

Monero (XMR) Unfazed By Market Jitters, Climbs 13% – Details

05/09/2024 4:30am

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 TradingView

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