Money [XMR] defies the overall market slowdown and pumps 11% on the weekly charts

• Monero’s massive rally has coincided with renewed investor interest.
• The Futures market was still bullish on the altcoin at the time of writing.

Privacy-oriented cryptocurrency Money [XMR] was one of the outliers on the weekly charts, despite a wider market sell-off.

During Thursday’s early Asian trading session, XMR topped the weekly chart with a gain of almost 10%, according to CoinMarketCap data.

Source: CoinMarketCap

Monero’s contrarian and explosive price movement on price charts preceded strong global interest in late August, as highlighted by GoogleTrends.

Global user interest in the search giant peaked at 69 between August 25 and 31, dominated by St Helena and China. This was the highest interest rate level since 2021.

Source: Google Trends

Interestingly, the increased interest in Telegram coincided with the arrest of Pavel Durov in France.

Given the widely perceived “attack on freedom of expression” following Durov’s arrest, most users may have renewed interest in privacy-oriented resources.

Money [XMR] price promotion

Source: XMR/USDT, TradingView

Amid the spike in interest in late August, XMR exploded 12%, from $152 to $172. However, in recent days it consolidated around $170.

A review of the price action showed that the $170 level was a Q3 supply zone (highlighted in red) that triggered price rejections in July and August.

However, at the time of writing, XMR remained above supply for the past three days but did not strongly extend the recovery that started in August.

Nevertheless, the stochastic RSI (Relative Strength Index) and RSI suggested that a prolonged rally was plausible as the indicators had not yet reached overbought levels.

If so, the next immediate short-term target would be $182 or $194, especially if overall market sentiment improves.

However, additional weakening could prompt sellers to drag XMR towards a lower support at $158 or $152.

Read Money [XMR] Price prediction 2024–2025

Meanwhile, the derivatives market had strong bullish conviction as 56% of XMR speculators’ bets were long positions.

This suggested that futures traders were hopeful of a long-term recovery for the altcoin.

Source: Coinglass