Monero [XMR] defies overall market lag, pumps 11% on weekly charts

Monero’s massive rally coincided with renewed investor interest.
The Futures market was still bullish on the altcoin at the time of writing.

As a seasoned analyst with years of experience navigating the tumultuous waters of the cryptocurrency market, I find Monero’s [XMR] recent surge particularly intriguing. The privacy-focused coin bucked the broader market trend, registering impressive gains while others were in the red.

Despite a general market downturn, privacy-centric digital currency Monero (XMR) stood out as an exception in its weekly performance chart

During Thursday’s early Asia trading session, XMR topped the weekly chart with a nearly 10% gain, per CoinMarketCap data.

Monero [XMR] defies overall market lag, pumps 11% on weekly charts

Monero’s contrarian and explosive price move on the price charts preceded strong worldwide interest in late August, as highlighted by

Google Trends

During the period from August 25th to August 31st, there was a significant surge in worldwide curiosity about the search giant, with a peak at 69. Notably, this surge was primarily driven by St. Helena and China. This peak represents the highest level of interest since 202

Monero [XMR] defies overall market lag, pumps 11% on weekly charts

Interestingly, the increased interest in Telegram coincided with Pavel Durov’s arrest in France.

Due to the widespread perception that ‘free speech’ is being suppressed after Durov’s detention, it’s likely that people will show increased curiosity and potential investment in assets emphasizing privacy protection

Monero [XMR] price action

Amid peak interest in late August, XMR exploded 12%, rallying from $152 to $172. However, it has been consolidating around $170 in the past few days.

Analyzing the price movement, it was found that the area around $170 served as a resistance zone (indicated in red) during the third quarter of the year, causing price declines in July and August when attempts to rise were rejected

Currently, XMR has been holding above its supply for the last three days, yet it hasn’t made a significant extension to the recovery that started in August

Despite the fact that the Relative Strength Index (RSI) and Stochastic RSI hadn’t reached the overbought levels, they suggested that a prolonged upward trend could be likely

If this holds true, our next short-term goal might be either $182 or $194, with a strong possibility of reaching these prices if the overall market’s general outlook becomes more positive

However, an extra weakening could tip sellers to drag XMR to lower supports at $158 or $152.

Read Monero [XMR] Price Prediction 2024–2025

In the derivatives market, there was a significant optimistic outlook, with 56% of XMR traders choosing to take long positions (betting on an increase in price)

This suggested that futures traders were hopeful for an extended recovery for the altcoin.

2024-09-06 00:10

Monero [XMR] price action

Read More