Monero (XMR) continues to gain popularity among cryptocurrency users and investors, with steady price action and high usage. The privacy coin has faced challenges and shown resilience amid major exchange delistings, improving its ecosystem and privacy experience.
As a first technical indicator, we can note that Monero is approaching a “strong” Relative Strength Index (RSI) in several time frames, according to CoinGlassIn particular, XMR stands out on the daily and weekly charts with a 58-point RSI, trading at $170.18.
Monero (XMR) Price Analysis
Diving deeper into technical analysis, Monero price currently has one of the most robust chart patterns in a largely bearish cryptocurrency market – holding at $170. Notably, XMR may have broken out of a bullish triangle, currently looking for confirmation at previous resistance, now support.
The privacy coin has hit a local bottom on the 365-day exponential moving average (1D 365-EMA), with higher levels in sight. If Monero holds above the triangle, it could retest the local high at $182 before moving towards $200.
This is a remarkable result for a cryptocurrency that was recently delisted from major crypto exchanges like Binance and OKX, and has never been able to trade on Coinbase or Gemini.
Monero Fundamental Analysis and User Preferences
However, price dynamics are still based on the solid fundamentals of decentralized money, which is reflected in user payment preferences.
For example, XMR dominated payment volume in August. ShopBitEurope’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%.
ShopinBit Currency Usage Statistics for Aug ’24:#XMR 58.15%#Bitcoin 36.89%
Lightning 3.39%
FIAT 1.57%It seems like it was the summer of Monero. Now everyone is coming back and the Christmas season is approaching Q4: Do you think XMR will stay on top?
Let us know in the reply, but…— ShopinBit (@shopinbit) September 3, 2024
Similarly, XMR also led the way in this regard. CoinsCardswith 35.07% of payments, followed by Bitcoin and USDC. In July, BTC’s market share was slightly larger, leading with 28.21% versus Monero’s 23.83%.
Here is the usage distribution (by $ volume) on Coincards by percentage in August 2024: #XMR: 35.07%#BTC (Onchain): 24.62%#USDC: 14.93%#ETH: 13.24%#LightningNetwork: 3.61%#LTC: 2.78%#Solana: 2.78%#USDT: 2.23%#Dogecoin: 0.59%#Matic: 0.16%#Dai: 0%#Dash: 0% https://t.co/oD3SFF7CgZ
— Coincards.com – Buy Gift Cards with Bitcoin! (@CoinCards) September 2, 2024
As things progress, increased popularity and preference may reflect increased demand for Monero, which could positively impact its price.
Moreover, XMR also does not follow the rest of the crypto market in crashes like the one seen this week. This positions Monero as a potential hedge strategy for investors looking for a strong, privacy-focused store of value.
Disclaimer: The content of this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
