Monero (XMR) Price Analysis for September 4 – XMR Technical Analysis

Monero (XMR) is attracting attention as it remains stable at $175 after falling to $105 during the August correction. With a market cap of $3.23 billion and a 24-hour trading volume of $84.23 million, the recent price action could be linked to the growing interest in privacy coins.

XMR Main Statistics

• Current price: $175
• Market Cap: $3.23 Billion
• Trading volume (24 hours): $84.23 million
• Circulating supply: 18.45 million XMR
• Total Supply: 18.45 Million XMR
• CoinMarketCap Rank: #25

Over the past 30 days, Monero has fallen by 0.52% from its peak but is up by 1.86% over the past 7 days. Despite the challenging market environmentXMR has shown its resilience, rebounding 27.86% from its lows over the past month and gaining 14.07% in the past week alone.

XMR/USD Market Analysis

Main levels:

resistance: $179, $185, $190

Supports: $163, $147, $140

The XMR/USD pair is currently testing a major resistance level near the $179 level. The price is approaching the upper band of the Bollinger Band, indicating that the bullish momentum could continue. The MACD line has crossed above the signal line, indicating that the bullish momentum could strengthen. If XMR manages to break above the $179 resistance level, it could target the next resistance levels at $185 and $190. However, failure to break this resistance could lead to a pullback towards the $163 support level.

What is the reason behind Monroe’s huge rise in popularity?

The surge in interest in Monero can be attributed to its recent upgrade, which made private transactions more difficult to track. XMR’s popularity also increased after the arrest of Pavel Durov, the co-founder of Telegram. Despite efforts to de-anonymize some assets for legal reasons, the demand for privacy remains a top priority for a segment of the crypto community.

The cryptocurrency has shown strong recovery capabilities as it has maintained its position above critical support levels. If the MACD line continues to rise and the price remains above $175, Monero could see further gains towards the $185.00 resistance level.

Monroe continues to rise

XMR/BTC Performance Insights

On the XMR/BTC pair, Monero is trading at 0.003103 BTC, after recently testing resistance near the 0.003117 BTC level. The pair is currently near the upper Bollinger Band, indicating a potential resistance in the market. The MACD is also indicating a bullish bias, but caution is advised as the pair may face selling pressure near this resistance. A break above 0.003117 BTC could pave the way for gains towards 0.003200 BTC, while a decline could lead to a test of support around 0.002734 BTC.

However, @johnfoss69, a Monero and Bitcoin analyst, highlights an X (formerly Twitter) that many may not be paying attention to as XMR nears the end of its two-year monthly resistance. Monero’s focus on privacy and strong community make it a strong and resilient entity in the face of censorship and control.

People are not prepared for what will happen when Monero breaks its two-year monthly resistance.

It’s time to care.

Thanks to its privacy-focused design and resilient community, Monero is truly unstoppable, immune to censorship and control.#Monroe #xmr pic.twitter.com/yNawOJ8Vgm

– John Foss (@johnfoss69) September 3, 2024

Monroe Alternatives

Monero maintains a strong presence in the market, currently ranked 25th in the crypto space, with continuous improvements to its privacy technology. However, a rising competitor, Pepe Unchained ($PEPU), is gaining attention. The project managed to raise $11.8 million during the presale and is preparing for a major DEX launch. It is worth noting that the pre-sale is open to all investors.

At the core of this initiative is Pepe Chain, which aims to address the typical challenges of the meme coin market by offering faster transaction speeds and reduced fees, all while maintaining compatibility with the Ethereum blockchain. The project features a staking protocol that allows holders of the native $PEPU token to lock up their tokens and earn rewards, with a current projected annual return of 177% and over $902 million PEPU already staked.

Earn life-changing money with Pepe Unchained

Early backers have the opportunity to purchase $PEPU tokens at $0.0094226 each during the presale, With high expectations for continued growth As the project approaches its next funding stage, it is rapidly gaining momentum, as evidenced by its active and engaged community, which has over 12k followers and 6.4k Telegram subscribers.

As Pepe Unchained progresses, it presents an attractive opportunity for those looking to capitalize on the next wave of meme coin investments.

Visit Pepe Unchained

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