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Monero (XMR) is drawing attention as it holds steady at $175 after a dip to $105 during the August correction. Boasting a market capitalization of $3.23 billion and a 24-hour trading volume of $84.23 million, the recent price activity might be tied to the rising interest in privacy coins.
XMR Key Statistics
- Current Price: $175
- Market Cap: $3.23 billion
- Trading Volume (24h): $84.23 million
- Circulating Supply: 18.45 million XMR
- Total Supply: 18.45 million XMR
- CoinMarketCap Ranking: #25
Over the past 30 days, Monero’s value has decreased by 0.52% from its peak but has risen by 1.86% over the last 7 days. Despite a challenging market environment, XMR has demonstrated resilience, bouncing back with a 27.86% increase from its lowest price over the past month and a 14.07% gain in the last week alone.
XMR/USD Market Analysis
Key Levels:
Resistance: $179, $185, $190
Support: $163, $147, $140
XMR/USD is currently testing a significant resistance near the $179 level. The price is approaching the upper Bollinger Band, indicating a potential for continued upward momentum. The MACD line has crossed above the signal line, suggesting that the bullish momentum may strengthen. If XMR manages to break above the $179 resistance, it could target the next resistance levels at $185 and $190. However, failure to break this resistance might lead to a pullback towards the $163 support level.
What’s Driving the Surge in Monero’s Popularity?
The surge in interest in Monero might be attributed to its recent upgrade, which further enhanced the difficulty of tracking private transactions. XMR’s popularity also increased following the arrest of Pavel Durov, co-founder of Telegram. Despite efforts to de-anonymize certain assets for legal reasons, the demand for privacy remains a key priority for a segment of the crypto community.
The cryptocurrency has shown strong recovery capabilities, maintaining its position above critical support levels. If the MACD line continues to rise and the price holds above $175, Monero could see further gains toward the $185.00 resistance level
Monero’s Bullish Run Continues
XMR/BTC Performance Insights
In the XMR/BTC pair, Monero is trading at 0.003103 BTC, having recently tested resistance near the 0.003117 BTC level. The pair is currently near the upper Bollinger Band, suggesting potential resistance in the market. The MACD also indicates a bullish bias, but caution is advised as the pair could encounter selling pressure near this resistance. A break above 0.003117 BTC could pave the way for gains towards 0.003200 BTC, while a decline might see support tested around 0.002734 BTC.
However, @johnfoss69, an analyst specializing in Monero and Bitcoin, highlights on X (formerly Twitter) that many may not pay attention as XMR nears the conclusion of its two-year monthly resistance. Monero’s emphasis on privacy and its robust community position it as a powerful entity, resilient to censorship and control.
People are unprepared for what's coming when Monero breaks its 2-year monthly resistance.
Time to pay attention.
With its privacy-centric design and resilient community, Monero is truly unstoppable, impervious to censorship and control.#monero #xmr pic.twitter.com/yNawOJ8Vgm
— John Foss (@johnfoss69) September 3, 2024
Alternatives to Monero
Monero maintains its strong presence in the market, currently ranked 25th in the crypto space, with ongoing enhancements to its privacy technology. However, a rising competitor, Pepe Unchained ($PEPU), is gaining attention. The project has successfully raised $11.8 million during its presale and is preparing for a significant DEX launch. Notably, the presale is open to all investors.
The centerpiece of this initiative is the Pepe Chain, which aims to address typical challenges in the meme coin market by delivering faster transaction speeds and reduced fees, all while maintaining compatibility with the Ethereum blockchain. The project features a staking protocol that enables holders of the native $PEPU token to lock their tokens and earn rewards, with current annual yields projected at 177% and over 902 million $PEPU already staked.
Make Life-Changing Money With Pepe Unchained
Early backers have the opportunity to purchase $PEPU tokens at a price of $0.0094226 each during the presale, with high expectations for continued growth as the project approaches its next funding milestone. The project is rapidly gaining momentum, as demonstrated by its active and engaging community, which boasts over 12K X followers and 6.4K Telegram subscribers.
As Pepe Unchained progresses, it offers an appealing opportunity for those seeking to take advantage of the next wave of meme coin investments.
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