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The Monero (XMR) price has charted a different pathway from Bitcoin as bearish market sentiment is extended. In the past 24 hours, the XMR price has jumped by more than 3%, a rally that compares with the 2.42% drop in the price of BTC. This decoupling might prove bullish as other Monero metrics point to this outlook.
Monero volume and uptick outlook
At the time of writing, Monero's price was changing hands for $340.55, a level that has reduced its sell-off in the past week to 11.79%. While Monero is still trading at a loss, the privacy coin has seen its core performance indicators flip bullish.
The 24-hour trading volume has rallied by 14% and is pegged at $97.59 million. To complement the uptick showcased by this volume, XMR’s Relative Strength Index (RSI) has a value of 37 on the daily chart.
Combined with the price trading around the lower Bollinger Bands, more upside may be seen for Monero in the short to long term. Despite flashing negative trends in the past month, including a death cross formation, Monero has displayed resilience.
This resilience hinges on how attractive privacy coins are in the wake of the growing Bitcoin quantum threat.
General market slides deep into fear
Despite the positivity surrounding Monero, the digital currency may soon reverse its growth trends. This is because the market is strongly showcasing fear, an outlook characterized by high volatility.
Besides Bitcoin, other altcoins like Ethereum, Cardano and XRP are also seeing massive drawdowns from their all-time highs. In the wake of the market meltdown, XRP has flipped Binance Coin. This is a quiet displacement that might also impact Ethereum, as Bloomberg’s Mike McGlone has teased the possibility if the ETH price falls below $1,500.
In the wake of the sell-offs, crypto innovators are building out their infrastructures to accommodate institutional investors. While Ethereum is working on a series of updates proposed by Vitalik Buterin, Ripple has partnered with Aviva to drive RWA tokenization on XRP Ledger.
Dan Burgin
U.Today Editorial Team