XMR bulls stand firm amid a sluggish market: Is a rally on the cards?
- Monero could be about to pivot as sentiment shifts in favor of the bulls.
- XMR comes shy of its previous low in mid-June.
Monero is finally receiving more attention after previously being overshadowed by more popular cryptocurrencies. It emerged as one of the best-performing cryptocurrencies this midweek as most of the top cryptos remained relatively dormant.
How many are 1,10,100 XMR’s worth today
XMR exchanged hands at $142.67 at press time after pulling off a 3.7% rally. This seems rather mundane for a cryptocurrency considering the highly volatile nature of the market.
However, the market, at the time of writing, was in a low volatility phase characterized by very little movement. In fact, Monero’s performance in the last 24 hours made it one of the best gainers in the top 50 list of cryptocurrencies by marketcap.
Even more interesting is the fact that this is the biggest single-day rally that XMR has achieved in the last two months. So could this be the start of Monero’s next bullish wave?
Here’s what on-chain metrics say about Monero’s new demand wave
A look at weekly metrics performance revealed that Monero’s development activity has been on the rise and at press time, stood at a weekly high. The same was applicable to investor sentiment which indicated that XMR kicked off this week with bullish expectations.
The growing development activity may have contributed to more confidence for XMR holders and traders. The cryptocurrency has been on an overall bearish trajectory since early July. It has since been discounted by roughly 20%. This may have influenced the bullish sentiment, but that’s not all.
As it turns out, XMR on-chain volume recently retested its four-week low. It has since bounced back, indicating a return of demand. But will this be enough to trigger Monero’s next rally? Well, it is possible that this new uptick could mark the start of its next bull run.
XMR’s rally will depend on whether it can sustain robust demand. That could be a tall order if the rest of the crypto market fails to follow through. Also, Monero still has some room for more downside if it reverts back to the lower range. This is because it has yet to retest its previous support range at around the $131 price range.
Is your portfolio green? Check out the XMR Profit Calculator
It is not all good news for the privacy coin. Binance, the largest crypto exchange in the world will reportedly half privacy coin trading in Belgium. Monero will be among the blacklisted privacy coins that will no longer be accessible for purchase or trading in the country.
From Sept. 21, Binance users who reside in Belgium will no longer be able to purchase or trade the four privacy coins on its platform, including Monero (XMR), MobileCoin (MOB), Firo (FIRO) and Horizen (ZEN). TheBlock reported. Binance is moving to delist privacy coins in “every…
— Wu Blockchain (@WuBlockchain) September 6, 2023