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Monero (XMR) surges 13% in bearish market

GrafaGrafa2024/09/05 05:05
By:Liezl Gambe

Monero (CRYPTO:XMR) has emerged as a standout performer in the current bearish market, gaining nearly 13% over the past week, according to CoinGecko.

While many cryptocurrencies are struggling, Monero’s price movement is notable, driven by its emphasis on privacy and reliability.

This surge has positioned Monero as one of the top gainers during the recent market downturn.

CoinCards, a gift card vendor, has highlighted Monero’s utility, showing it has surpassed Bitcoin in usage on its platform.

This increased use reflects Monero’s appeal due to its simplicity and privacy features, continuing to attract attention from analysts and users.

Analysts on the X platform have observed Monero’s distinct price movement, describing it as "decoupling" from the broader market trend.

Crypto analyst Van Der Linde noted, “While everything else looks like pre-death, the privacy coin is making higher lows and higher highs,” indicating a bullish outlook for Monero despite the overall market's negative trend.

Despite the optimism, Monero's rally appears to be slowing.

Currently, XMR is trading between $170 and $174, showing strong support but facing challenges in a bearish environment.

The Relative Strength Index (RSI) suggests that while Monero has bullish momentum, the bulls might be nearing exhaustion in the short term.

Monero's minimal correlation with Bitcoin makes it an attractive option for investors seeking profit opportunities in a bear market.

Even with its delisting from major exchanges like Binance and Kraken, Monero maintains a dedicated user base focused on privacy.

As privacy concerns grow, Monero's relevance in the market may continue to expand.

At the time of reporting, the Monero (XMR) price was $171.03.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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