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In the current market conditions, Monero (XMR) is a strong outlier, moving against the overall decline plaguing the market. Coin GeckoMonero has risen by about 13% since last week, making it one of the biggest gainers during the bear market.
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Monero's simplicity, coupled with its focus on privacy and reliability, provides great value to both investors and users of the platform. This allows Monero to have semi-autonomous price fluctuations, which may continue despite the bearish nature of the market.
Monero usage surges on CoinCard
Gift card retailer CoinCards recently released statistics on cryptocurrency usage on its platform. According to the platform, Monero has surpassed Bitcoin to dominate in usage. This massive usage is due to Monero's simplicity and practicality, which has caught the attention of analysts at X.
Despite the overwhelmingly bearish market, analysts are offering bullish predictions for XMR’s future performance.
“Privacy coins are making higher lows and higher highs while everything else seems to be dying. They are completely disconnected from the market.” said Crypto van der LindeA cryptographer for the X platform.
nevertheless Binance and Kraken Although the company has delisted XMR for its customers, the token still has a large user base that is concerned about privacy. As more individuals consider privacy a major issue, cryptocurrency users may be more inclined to use XMR despite its drawback of slow transaction times.
Rally is sluggish
At the time of writing, Monero is trading in a range of $170 to $174, giving bulls a good position for further upside potential, but the market weakness has also spilled over into the XMR market, slowing the upside in the long term.
XMR’s correlation with Bitcoin is less significant, making it a more attractive coin for investors looking for a cryptocurrency that can generate profits during bear markets. The Relative Strength Index (RSI) indicates that although the coin has bullish momentum, XMR bulls are getting fatigued in the short term.
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XMR is trading in a fairly weak range as the bears are gaining momentum and offsetting short-term gains. However, in the long term, we believe that XMR bulls will take a rest, gain momentum, and make another attempt to recapture lost ground.
As things stand, XMR is looking to break out above $190 in the short term, which could provide a support level for bulls to mount a strong up move. After this move, investors and traders can target $200 in the long term.
However, if XMR succumbs to the bearish momentum in the market, the coin could fall back to $164, which could result in further losses in the short term.
Featured image from Chainalysis; charts from TradingView
