XMR rose 85% in the 34 days from July 21 to August 24. In fact, the price fell briefly before rising again in the first week of September.
However, the altcoin failed to isolate itself from the broader downtrend in the market in September and returned to as low as $ 212.
So far, October has been quite positive overall for the crypto space. In fact, there have been many consecutive green candles on the XMR price chart for the past few days and the trend is likely to continue.
XMR Price Chart | Source: Tradingview
In the midst of the ups and downs in prices, growth activity is a factor that has remained constant and persistent online. For example, Monero P2Pool started working on the mainnet at the end of September. This pool is basically decentralized and without a permit.
As a “privacy coin”, centralization poses a threat to the Monero network. Since atomic swaps are operated in the network, mining remains the most central aspect of its ecosystem. In addition, the pool’s servers could fail, and the recent MoneroOcean event is a prime example of this.
With the introduction of P2Pool, miners now have full control of their Monero nodes and no mining equipment can be exploited for a 51% attack. In fact, this pool combines the advantages of solo and pool mining.
Also after notification Officially, Monero will be traded at Lamassu ATMs later this year. With the Forsaken Fiat upgrade, users can buy and sell these altcoin on Lamassu.
Additionally, recent stock market listings on multiple platforms such as BitcoinVN, Vauld, synthetic perpetual contracts on dYdX, and futures contracts on Bitfinex have further increased the reach of this altcoin. In fact, the price of XMR has so far risen sharply with the participation of a large number of newbies.
The way to $ 300
From volatility to network activity, most major indicators appear to be getting better at press time. Volatility has bounced back from its August low of 0.56.
The high volatility, which hit 0.96 at press time, suggests that XMR price won’t stagnate in the $ 260-270 range for long.
XMR volatility | Source: Messari
The number of transactions along with the circulating supply has increased so far. With a weekly profit of 12%, it’s safe to say that the number of purchases dwarfed the number of recent sales.
Number of transactions | The source: Messari
Therefore, if market participants remain bullish, we can expect the XMR price to hit the $ 300 mark again this week. The path to the above level should be fairly smooth after trying to hold above the immediate resistance of USD 276-277.
But even if it doesn’t, strong growth activity should be able to save the price in the near future.
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According to AMBCrypto