Monero (XMR) continues to grow in popularity among cryptocurrency users and investors due to its strong price volatility and high usage rate. This privacy coin has proven resilient in the face of challenges amid delisting from major exchanges, improving its ecosystem and privacy experience.
As for the first technical indicator, Monero is approaching a “strong” relative strength index (RSI) on multiple timeframes. Coin GlassNotably, XMR is standing out on the daily and weekly charts with an RSI point of 58 and trading at $170.18.
Monero (XMR) Price Analysis
Digging deeper into the technical analysis, Monero price is currently one of the most robust charts in a primarily bearish cryptocurrency market, holding firm at the $170 level. Notably, XMR has broken out of a bullish triangle and may be seeking confirmation at the former resistance, now support, line.
The privacy coin has formed a local bottom at the 365-day exponential moving average (1D 365-EMA) and is eyeing higher levels. If Monero sustains above the triangle, it could retest the local top at $182 before climbing to $200.
This is a remarkable performance for a cryptocurrency that was recently delisted from major cryptocurrency exchanges such as Binance and OKX, and was never traded on Coinbase or Gemini.
Monero Fundamental Analysis and User Preferences
However, price fluctuations remain based on solid fundamentals as a decentralized currency, which is reflected in users’ payment preferences.
For example, XMR topped the list of payment volumes in August. Shop BitEurope's largest 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%.
Similarly, XMR also topped the same index. Coin Cardaccounting for 35.07% of payments, followed by Bitcoin and USDC. BTC saw a slightly larger market share in July, taking the lead with 28.21% compared to Monero's 23.83%.
As the situation evolves, increased favorability and popularity will likely reflect increased demand for Monero and positively impact its price.
Additionally, XMR will not follow the overall cryptocurrency market in crashes like those seen this week, which positions Monero as a potential hedge for investors seeking a strong, privacy-focused store of value.
Disclaimer: The content of this site does not constitute investment advice. Investing is speculative and your capital is at risk when making an investment.
