A mighty outlier in the current market environment, Monero (XMR) is moving against the broader decline that has plagued the market. According to CoinGeckoMonero is up almost 13% since last week, putting the coin in the spotlight as one of the fastest gainers in the bear market.

Monero’s simplicity fosters a focus on privacy and reliability, providing great value to both investors and users of the platform. This has led to Monero’s semi-autonomous price movement, which could continue despite the bearish nature of the market.

Monero usage is increasing on CoinCards

CoinCards, a gift card provider, recently released statistics on the cryptocurrency’s usage on its platform. According to the platform, Monero has a monopoly on usage, beating Bitcoin. This massive usage is due to Monero’s simplicity and usability, which has attracted the attention of analysts on X.

Even though the market is in a predominantly downward trend, analysts are positive and are making predictions about the future performance of XMR.

“While everything else is as it was before death, the privacy coin is reaching higher lows and higher highs. Complete disconnection from the market” he said Crypto Van Der LindeX platform cryptanalyst

Though Binance AND Kraken have withdrawn XMR for its customers, the token still has a gigantic user base that is mainly concerned about their privacy. As more and more people consider privacy a key issue, we may see cryptocurrency users using XMR despite its drawbacks in the form of ponderous transaction times.

The rally is getting ponderous

At the time of writing, Monero is trading between $170-$174 in a trading range, which puts bulls in a great position for more upside potential. However, the bearish market sentiment has spilled over into the XMR market, slowing down gains in the long run.

XMR’s slight correlation with Bitcoin makes the coin more attractive to investors scouring the market for cryptocurrencies that generate profits in a bear market. The Relative Strength Index (RSI) shows that while the coin has bullish momentum, XMR bulls are approaching exhaustion in the miniature term.

The coin’s trading range is quite tender as bears are gaining momentum to erase short-term gains. However, in the longer term, it seems that XMR bulls will take a rest and gain momentum before another attempt to regain lost ground.

As it stands, XMR is eyeing a breakout of $190 in the miniature term, providing a support level for bulls to prepare for a mighty move up. After this move, investors and traders can target $200 in the long term.

However, if XMR experiences a market decline, the coin’s price could drop to $164, which could result in greater losses in the miniature term.

Featured image from Chainalysis, chart from TradingView