Monero [XMR] Up 11% on the weekly chart, defying the overall market lag

• Monero's massive price increase coincided with increased investor interest.
• At the time of writing, the futures market is still bullish on altcoins.

Privacy-focused cryptocurrency Monero [XMR] Despite the selling pressure across the market, it was one of the outliers on the weekly chart.

According to data from CoinMarketCap, early in the Asian trading session on Thursday, XMR rose about 10% to top the weekly charts.

Source: CoinMarketCap

The contrarian and explosive price movements on Monero’s price charts preceded strong global interest in late August. Google Trends.

Global user interest in the search giant peaked at 69 between August 25 and 31, dominated by St. Helena and China. This was the highest interest level since 2021.

Source: Google Trends

Interestingly, the increased interest in Telegram coincided with the arrest of Pavel Durov in France.

Given the overall perceived “attack on free speech” following Durov’s arrest, most users may have developed a new interest in privacy-focused assets.

Monero [XMR] Price Action

Source: XMR/USDT, TradingView

At the peak of interest in late August, XMR surged 12%, rising from $152 to $172, but has been hovering around the $170 mark in recent days.

An assessment of price trends reveals that the $170 level is the third quarter supply zone (marked in red) that led to price rejection in July and August.

However, at the time of writing, XMR has been trading above supply for the past three days, without significantly extending the recovery that began in August.

However, the Stochastic RSI and RSI suggested that a prolonged rally is possible as the indicators are yet to reach the overbought levels.

If so, the next immediate targets could be $182 or $194 in the short term, especially if overall market sentiment improves.

However, further weakness could encourage the sellers to sink XMR to the lower support at $158 or $152.

read Monero [XMR] Price Prediction 2024-2025

Meanwhile, the derivatives market strengthened bullish conviction, with 56% of XMR speculators in long positions.

This suggests that futures traders are banking on a long-term recovery for the altcoin.

Source: Coinglass