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Monero’s straightforward design emphasizes its commitment to privacy and dependability, making it a valuable asset for both investors and users on the platform. This focus has fueled Monero’s partially self-governing price fluctuations, which may persist even amidst a generally downturn in the market
Monero Utilization Jumps On CoinCards
CoinCards, a provider of gift cards, recently shared some data about cryptocurrency usage on their platform. The data shows that Monero is leading the way in terms of use, surpassing Bitcoin. This high level of use can be attributed to Monero’s ease of use and practicality, which has caught the interest of analysts in the field of X
Although the market is overwhelmingly bearish, analysts show bullishness with predictions about XMR’s future performance.
“While everything else looks like pre-death, the privacy coin is making higher lows and higher highs. Complete decoupling from the market,” said Crypto Van Der Linde, a cryptanalyst on the X platform.
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Rally Turns Sluggish
Currently, Monero is trading within the $170 to $174 range, providing a favorable setup for bulls to capitalize on further price increases. Yet, the overall bearish sentiment in the market has impacted Monero’s performance, causing its growth to decelerate over the long term
The weak connection between XMR and Bitcoin makes this coin more appealing to investors seeking profitable cryptocurrencies amid a downturn. Despite its strong upward trend, the relative strength index (RSI) suggests that XMR’s bullish momentum could be approaching its limit in the near future
The coin’s trading range is pretty weak as the bears are gathering momentum to cancel out short-term gains. Long-term, however, it seems that XMR bulls will rest and gather momentum before another attempt to regain lost ground.
Presently, XMR appears poised for a significant jump towards approximately $190 in the near future, offering a solid foundation for potential bullish momentum. Once this momentum builds, investors and traders might aim for a long-term goal of $200
Should XMR experience a downturn in the market, it may potentially drop down to around $164, and there could be further decreases in value over the short term
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2024-09-05 06:40