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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.
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 $BTC coming in second with 36.89%.
August '24 Currency Usage Stats for ShopinBit:#$XMR 58,15 %#Bitcoin 36,89 %
— ShopinBit (@shopinbit) September 3, 2024
Lightning 3,39 %
FIAT 1,57 %
Seems like this was the Summer of Monero. Now everyone is coming back and Q4 Christmas Season approaches: Do you think $XMR will stay on top?
Let us know with a reply, but…
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%.
Here's a breakdown of usage (by $ volume) on Coincards by percentage in August '24: #$XMR: 35.07%#$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 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.