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Monero (XMR) has been gaining attention as it has stabilized at $175 after dropping to as low as $105 during the August correction. With a market cap of $3.23 billion and a 24-hour trading volume of $84.23 million, Monero’s recent price fluctuations may be linked to growing interest in privacy coins.
XMR Key Statistics
- Current price: $175
- Market cap: $3.23 billion
- Trading volume (24 hours): $84.23 million
- Circulating supply: 18.45 million XMR
- Total supply: 18.45 million XMR
- CoinMarketCap Ranking: #25
Over the past 30 days, Monero’s value has fallen 0.52% from its all-time high, but has risen 1.86% over the past 7 days. Despite the challenging market environment, XMR has proven resilient, rising 27.86% from its all-time low over the past month and 14.07% in the past week alone.
XMR/USD Market Analysis
Main levels:
resistance: $179, $185, $190
support: $163, $147, $140
XMR/USD is currently testing a major resistance near the $179 level. Price is approaching the upper Bollinger band, signaling that the upward momentum may continue. The MACD line is above the signal line, suggesting that the bullish momentum may strengthen. If XMR manages to rise above the resistance at $179, it may target the next resistance levels at $185 and $190. However, failure to break this resistance could lead to a pullback towards the support level at $163.
What is causing Monero's sudden rise in popularity?
The surge in interest in Monero could be due to a recent upgrade that made private transactions more difficult to trace. XMR's popularity also grew following the arrest of Telegram co-founder Pavel Durov. Despite efforts to de-anonymize certain assets for legal reasons, the demand for privacy remains a key priority for parts of the cryptocurrency community.
The cryptocurrency has shown strong resilience and managed to hold its ground above the critical support levels. If the MACD line continues to rise and the price rises above $175, Monero could move further towards the resistance level at $185.00.
Monero bull run continues
XMR/BTC Performance Insights
On the XMR/BTC pair, Monero is trading at 0.003103 BTC and recently tested the resistance near the 0.003117 BTC level. The pair is currently near the upper Bollinger band, suggesting potential resistance in the market. The MACD is also showing a bullish trend, but caution is advised as the pair may encounter selling pressure near this resistance. A breakout above 0.003117 BTC could pave the way for an upswing towards 0.003200 BTC, while a drop could test the support near 0.002734 BTC.
However, analyst @johnfoss69, who specializes in Monero and Bitcoin, emphasized on X (formerly Twitter) that as XMR nears the end of a two-year period of monthly resistance, it may not be on everyone's radar: Monero's emphasis on privacy and strong community position it as a strong player that is resistant to censorship and control.
People are not prepared for what will happen when Monero breaks through two years of monthly resistance.
It's time to pay attention.
With a privacy-first design and a resilient community, Monero is truly unstoppable, completely free from censorship or control.#Monero #xmr pic.twitter.com/yNawOJ8Vgm
— John Foss (@johnfoss69) September 3, 2024
Alternatives to Monero
Monero maintains a strong presence in the market and is currently ranked 25th in the cryptocurrency industry. Its continued strengthening of privacy technology has helped it maintain its position. However, an emerging competitor, Pepe Unchained ($PEPU), is garnering attention. The project successfully raised $11.8 million in a presale and is gearing up for a significant DEX launch. Notably, the presale is open to all investors.
At the center of this effort is PepeChain, which aims to address typical challenges in the meme coin market by enabling faster transaction speeds and lower fees while remaining compatible with the Ethereum blockchain. The project features a staking protocol that allows holders of the native $PEPU token to lock their tokens and earn rewards, with a current projected annualized yield of 177%, with over $902 million $PEPU already staked.
Make life-changing money with Pepe Unchained
Early backers had the opportunity to purchase $PEPU tokens at $0.0094226 each during the presale, and continued growth is expected as the project approaches its next funding milestone. The project is rapidly gaining momentum, as evidenced by an active and engaged community boasting over 12,000 X followers and 6,400 Telegram subscribers.
As Pepe Unchained progresses, it presents a compelling opportunity for those looking to capitalize on the next wave of meme coin investing.
Visit Pepe Unchained
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