Monero (XMR), one of the leading privacy coins in the cryptocurrency space, continues to draw attention from both users and investors. With strong price action and rising usage rates, XMR showcases its resilience amid market challenges. Despite delistings from major cryptocurrency exchanges like Binance and OKX, Monero’s ecosystem has grown, enhancing its privacy features and solidifying its position in the market.
Monero’s Price Analysis – A Technical Breakdown
Monero’s recent performance on the charts stands out in a largely bearish market. Currently trading at $170.18, XMR remains stable, supported by solid technical indicators. According to CoinGlass, Monero’s Relative Strength Index (RSI) hovers at a promising 58 points on both daily and weekly charts. This RSI level indicates a strong technical foundation, potentially signaling further upward momentum.
Monero recently tested a bullish triangle pattern, now seeking confirmation at a key support level, which was previously a resistance. If XMR holds above this threshold, analysts believe the coin could retest local highs at $182, before potentially moving to $200. Additionally, Monero made a significant rebound at the 365-day exponential moving average (1D 365-EMA), showing potential for continued price gains.
Overcoming Exchange Delistings
Monero’s ongoing success is particularly noteworthy given its delisting from major exchanges. Binance and OKX removed the privacy coin from their platforms, while Coinbase and Gemini have never listed it. Despite these setbacks, Monero’s strong fundamentals as a decentralized privacy-focused currency have kept it in demand.
Privacy coins like Monero often face regulatory scrutiny, leading to exchange delistings. However, XMR’s core proposition — offering users the ability to make secure, untraceable transactions — continues to resonate with those seeking greater control over their financial privacy.
Monero’s appeal as a payment method is on the rise. ShopBit, Europe’s largest cryptocurrency store, reported that Monero accounted for 58.15% of all payments in August, far surpassing Bitcoin, which held 36.89% of the payment volume. Similarly, CoinCards, another popular platform, revealed Monero as the preferred choice for 35.07% of transactions, outpacing Bitcoin and USDC.
This growing preference for Monero as a payment method suggests increased adoption, particularly among users who prioritize privacy in their transactions. Such demand is likely to provide continued support for Monero’s price, especially as privacy concerns become more prominent in the digital world.
Also Read: Monero (XMR) Climbs 1.47% To $175 – Key Support At $172.50, Trading Volume Up 12.53%
Monero as a Hedge in a Volatile Market
Unlike many other cryptocurrencies, Monero has demonstrated resilience during market-wide sell-offs. This week’s broader crypto crash did not significantly impact XMR, reinforcing its status as a potential hedge for investors looking to protect their portfolios during downturns. Monero’s unique position as a privacy coin makes it an attractive option for those seeking a store of value that operates independently of broader market trends.
Monero’s continued popularity, both as a privacy tool and a payment method, underlines its fundamental strength in the crypto space. With solid technical indicators and growing adoption, XMR could be on the verge of further price gains, especially if it holds key support levels. As privacy concerns grow, Monero’s role in the crypto ecosystem may become even more pivotal, potentially driving higher demand and price appreciation.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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