As a seasoned crypto investor with a knack for privacy coins and a soft spot for underdogs, I’ve always kept a close eye on Monero (XMR). Its recent surge of more than 4% amid a bearish market is a beacon of hope in these turbulent times. While Bitcoin and Ether struggled to maintain their positions, XMR managed to stand out as one of the few altcoins with gains.
In the past 24 hours, the well-known privacy coin Monero (XMR) surged by over 4% in a generally down market for cryptocurrencies. While top digital currencies like Bitcoin (BTC) and Ether (ETH) exhibited slow growth, with BTC at $64,000 and ETH at $3,150, Monero was one of the rare altcoins to experience positive price movements.
In simpler terms, several prominent privacy-focused cryptocurrencies such as ZCash (ZEC) and Internet Computer (ICP), have experienced a growth of approximately 3.84% and 1.82%, respectively, in the past day. The combined market value of all privacy coins now amounts to around $11.11 billion, marking an almost 2% increase over the last 24 hours. Furthermore, the trading volume of these privacy tokens has increased by about 17%, reaching roughly $530 million.
As a seasoned crypto investor with years of experience under my belt, I can confidently say that Monero (XMR), one of the most established privacy tokens, currently stands at $163.85. From my perspective, based on the chart provided by TradingView, it appears that XMR is caught in a range-bound trading situation, bouncing between robust support and resistance zones. To confirm a potential rally, this altcoin needs to break free from these boundaries, specifically surpassing the identified resistance zone that lies between $182.00 and $185.00. This strategic move could potentially lead to further gains for investors like myself who are focused on privacy-centric digital assets.
Conversely, the support zones range from $150 to $155. In recent hours, XMR rebounded at the $153 mark due to a significant increase in buying activity, indicating robust demand for XMR in that area. Notably, XMR last surpassed $200 in June 2022, but since then has failed to break through the resistance situated between $182 and $185 prices.
Photo: TradingView
The Relative Strength Index (RSI) is valued at 54.44, confirming that the bulls have taken over and the buying pressure is high. The trading volume of XMR rose 32.79% in 24 hours and currently stands at $120 million. On the other hand, the gradient of the line suggests that XMR might retest $180 in the near future. Meanwhile, the accumulation of the altcoin is also on the rise, as per the chart above.
Potential Factors Affecting the Monero (XMR) Price Action
On social media platform X, Monero announced its partnership with Cake Wallet. This partnership marks the beginning of integrating Monero into Keystone Hardware Wallet. As part of this collaboration, Keystone will leverage Monero’s distinctive seed phrase and ring signature algorithm to enhance its privacy and security features. It is estimated that this integration process will take approximately 2-3 months to be fully completed.
Furthermore, it’s worth noting that Monero’s transaction fees are much lower compared to Bitcoin. At present, a Bitcoin transaction fee amounts to $0.2711, whereas for Monero (XMR), it is only $0.00498. This means that the cost of a transaction on the Bitcoin network is over 5,300% higher than on the privacy-focused Monero network.
In his recent post on platform X, cryptocurrency expert Jake Thomas Fischer emphasized the distinction between Bitcoin and Monero. He stated that Monero is considered “more advanced” or “superior” technology compared to Bitcoin. Furthermore, he pointed out that the same markets which contributed to Bitcoin’s popularity have shifted away from Bitcoin and instead favored Monero.
“Fischer mentioned that Monero stands out as a groundbreaking solution for modern currency, addressing the shortcomings not just of traditional money but also Bitcoin, although its advantages aren’t always recognized by many.”
As a crypto investor, I’ve come to appreciate the insights of Fischer, who sees Monero as the digital currency that many perceive Bitcoin to be. Given this misconception, it seems to me that the future of Monero’s privacy-focused network can only shine even brighter.
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2024-08-02 16:49