Monero (XMR) continues to gain popularity among cryptocurrency users and investors, with solid price action and a high usage rate. The privacy coin faced challenges and showed resilience amid leading exchange delistings, improving its ecosystem and the privacy experience.
As a first technical indicator, Monero nears a “strong” Relative Strength Index (RSI) in multiple time frames, according to CoinGlass. In particular, XMR stands out in the daily and weekly charts, with 58 RSI points, trading at $170.18.
Monero (XMR) price analysis
Diving deeper into the technical analysis, Monero’s price currently has one of the most solid charts in a primarily bearish cryptocurrency market – holding strong at the $170 level. Notably, XMR may have broken from a bullish triangle, currently seeking confirmation at the previous resistance, now support.
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The privacy coin made a local bottom at the 365-day exponential moving average (1D 365-EMA), eyeing higher grounds. If Monero holds above the triangle, it could retest a local top at $182 just before moving to $200.
This is a notable performance for a cryptocurrency that was recently delisted from major cryptocurrency exchanges like Binance and OKX while never having a chance to trade on Coinbase or Gemini.
Monero fundamental analysis and users’ preferences
Yet, the price action is still based on solid fundamentals as a decentralized money, reflected in users’ preferences for payments.
For example, XMR dominated the August payment volume on ShopBit, Europe’s biggest 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 led the same metric on CoinCards, with 35.07% of the payments, followed by Bitcoin and USDC. In July, BTC had a slightly larger market share, leading with 28.21% against Monero’s 23.83%.
As things develop, the increased preference and popularity could reflect more demand for Monero, potentially benefiting its price.
Moreover, XMR also does not follow the whole crypto market in crashes like the one observed this week. This positions Monero as a potential hedge for investors who seek a strong and privacy-focused store of value.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
