- Monero price has defied gravity in the past few days.
- XMR transactions have been relatively steady.
- The coin is also rising ahead of its July hard fork.
Monero price has held relatively well as other cryptocurrency prices have recoiled. The XMR token is trading at $131, which is about 33% above the lowest level last week. It is also approaching the important resistance level at $134.30, which was the highest point last week. Monero has a market cap of over $2.3 billion.
Why is XMR rising?
Cryptocurrency prices had a difficult start of the week as investors focused on the strong US jobs data and the likelihood for a more hawkish Federal Reserve. Bitcoin tumbled to about $20,000 while the combined market cap of all cryptocurrencies pulled back to about $954 billion.
Monero was an outlier has its price continued the upward trend that it started during the weekend. This bullish trend is likely because Monero’s transactions have been a bit steady in the past few days.
Data compiled by Messari shows that the total and adjusted transaction volume has been relatively stable amind the overall crypto sell-off. This trend is likely because, unlike other cryptocurrencies, Monero is widely used as a means of exchange.
Learn more about how to buy Monero here.
One of its most important use cases is in the dark web, where people buy and sell illicit materials. A quick look at most of these marketplaces shows that Monero is one of the most popular coins in their ecosystems.
Other popular privacy coins like Dash and Decred are not as popular, which explains why most of them have also declined.
Another possible reason why Monero has bounced back is that the coin was recently added to Exodus. This means that users can now hold XMR tokens on the Trezor Model T using Trezor’s bridge in Exodus. Most importantly, Monero price is rising as investors wait for the upcoming hard fork that will introduce view tags and improve user experience.
Monero price prediction
The four-hour chart shows that the XMR price has been in a slow bullish trend in the past few days. It is trading at $130.46, which is slightly below the key resistance point at $134.30. The coin remains above the 25-day and 50-day moving averages while the Stochastic Oscillator has moved to the overbought level.
Therefore, at this point, Monero’s outlook is neutral with a bullish bias. A break above the key resistance point at $134 will signal that bulls have prevailed. As such, it will open the possibility of it rising to $150. A bearish breakout can’t be ruled out since the coin seems to be forming a double-top pattern.
