Meanwhile, Monero confirmed that it is working with Cake Wallet, adding that the integration of Monero into the Keystone Hardware Wallet has begun.
Monero (XMR), a prominent privacy token, has soared more than 4% in the past 24 hours amid weakness in the crypto market. Major digital currencies Bitcoin (BTC) and Ether (ETH) have underperformed, with BTC stuck at $64,000, while ETH is stuck at $3,150. XMR is one of the few altcoins to record profits.
Some of the other leading privacy tokens such as ZCash (ZEC) and Internet Computer (ICP) rose 3.84% and 1.82% respectively. The privacy coin has a market capitalization of $11.11 billion, up almost 2% in the past 24 hours. The total value of privacy tokens traded also increased by 17%, reaching $530 million.
It is important to note that one of the most popular privacy tokens, Monero (XMR), is currently trading at $163.85. In the short term, XMR is facing range trading, according to charts provided by TradingView. That is, it is caught between a strong support zone and a resistance zone. Additionally, to confirm the upside, the altcoin will need to break above the resistance zone identified between $182.00 and $185.00.
Meanwhile, the support level is between $150.00 and $155.00. XMR has rebounded from the $153 price level in the past few hours after a surge in buying volume, indicating strong buyer interest in the region. The last time XMR crossed $200 was in June 2022, and since then, the altcoin has failed to break through the resistance between the $182 and $185 price levels.
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Photo: TradingView
- The Relative Strength Index (RSI) is rated at 54.44, confirming that the bulls have the upper hand and buying pressure is high. XMR trading volume increased by 32.79% in 24 hours and now stands at $120 million. On the other hand, the slope of the line suggests that XMR may retest $180 in the near future. Meanwhile, as shown in the chart above, altcoin accumulation is also increasing.
Potential factors influencing Monero (XMR) price fluctuations
In a post on social media platform As a result of this partnership, Keystone will leverage Monero's proprietary seed phrases and ring signature algorithms to improve privacy and security features. However, the integration will take 2-3 months to complete.
Additionally, compared to Bitcoin, Monero has significantly lower transaction fees. According to current data, Bitcoin transaction fees are $0.2711, while XMR fees are $0.00498, confirming that the fees of the world's largest crypto network are 5346.14% higher than those of privacy networks. Masu.
To highlight this difference between Bitcoin and Monero, cryptocurrency enthusiast Jake Thomas Fisher, in a post on X, stated that Monero is a “superior technology” compared to Bitcoin, ” “The same market that made Bitcoin famous has abandoned Bitcoin, and they…” he added. Abandoned it for Monero. ”
“Monero, on the other hand, is a technological marvel in that the money repairs flaws in not only old money, but also Bitcoin, which is just not generally understood,” Fisher said.
Monero is what people think Bitcoin is, Fisher said, and as a result, the future of the privacy network is even brighter.
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Disclaimer: Coinspeaker is committed to providing fair and transparent reporting. This article is intended to provide accurate and timely information but should not be taken as financial or investment advice. Market conditions can change rapidly, so we recommend that you verify the information yourself and consult a professional before making any decisions based on this content.
With a background in finance and a passion for innovation, Anisha has been covering the evolving world of cryptocurrencies for over four years. Her deep understanding of the crypto market makes her a trusted source for analysis and news. Whether it's analyzing the latest trends or deciphering whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
Anisha Pandey of X
