Monero price prediction as XMR shows strength and popularity increases
The post Monero price prediction as XMR shows strength and popularity increases appeared on BitcoinEthereumNews.com.
Monero (XMR) continues to gain popularity among cryptocurrency users and investors, with solid price action and a high usage rate. The privacy coin faced challenges and showed resilience amid leading exchange delistings, improving its ecosystem and the privacy experience. As a first technical indicator, Monero nears a “strong” Relative Strength Index (RSI) in multiple time frames, according to CoinGlass. In particular, XMR stands out in the daily and weekly charts, with 58 RSI points, trading at $170.18. Crypto Market RSI Heatmap – Monero (XMR), daily time frame. Source: CoinGlass / Finbold Monero (XMR) price analysis Diving deeper into the technical analysis, Monero’s price currently has one of the most solid charts in a primarily bearish cryptocurrency market – holding strong at the $170 level. Notably, XMR may have broken from a bullish triangle, currently seeking confirmation at the previous resistance, now support. The privacy coin made a local bottom at the 365-day exponential moving average (1D 365-EMA), eyeing higher grounds. If Monero holds above the triangle, it could retest a local top at $182 just before moving to $200. Monero (XMR) daily price chart vs. the dollar. Source: TradingView / Finbold This is a notable performance for a cryptocurrency that was recently delisted from major cryptocurrency exchanges like Binance and OKX while never having a chance to trade on Coinbase or Gemini. Monero fundamental analysis and users’ preferences Yet, the price action is still based on solid fundamentals as a decentralized money, reflected in users’ preferences for payments. For example, XMR dominated the August payment volume on ShopBit, Europe’s biggest Bitcoin (BTC) and Monero store. Users choose Monero for 58.15% of all payments on the platform, with BTC coming in second with 36.89%. August ’24 Currency Usage Stats for ShopinBit:#XMR 58,15 %#Bitcoin 36,89 %Lightning 3,39 %FIAT 1,57 % Seems like…
Filed under: News - @ September 6, 2024 6:22 pm