Monero Price Up By 6.65% – Time to Buy XMR Coin?
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- Cake Wallet launches Monero only app for storage boosting investors interest to buy XMR
- CoinCards data shows Monero was the fourth most used crypto in December 2021
- Email service provider Tutanota is accepting XMR as a payment option
Privacy-focused protocol Monero has remained a controversial protocol since launching in 2016. However, the blockchain protocol has become one of the top 50 most valuable crypto assets by market cap. Despite the broader crypto market battling the bears, the platform has recorded a decent price gain in the last 24 hours. This rally has served as a signal for investors to buy XMR and ride with the current bullish waves.
Although fundamentals have been hard to come by, Monero has racked up a decent amount of integrations as more crypto users seek to ensure their transactions are kept private from the public’s eyes.
Cake Wallet Launches Open Source Wallet For Storing XMR
Crypto storage platform Cake Wallet has launched a Monero-specific storage wallet. Available on both Android and iOS devices, users will be able to store safely, send, receive, and exchange XMR from their mobile phones. And as usual, this would be done privately as the transactions would come with all the benefits of the Monero blockchain.
Other unique features would see XMR exchanged across various cryptocurrencies, including BTC, BCH, ADA, EOS, DASH, and several others. Users would be able to create multiple wallets and accounts and back up their wallets locally or to the cloud.
The digital wallet is a spin-off from the original Cake Wallet and is meant to preserve the pristine experience of the Monero blockchain. It also comes with multi-language support making it a great appeal for a global audience.
With privacy concerns around crypto transactions becoming more popular, this might be an ideal time to buy XMR and rise with the market.
CoinCards Taps XMR As The Fourth Most Used Crypto
Bitcoin and Ethereum hold the most appeal for crypto users in terms of popularity and adoption. The top protocols control over 60% of the global crypto market and are the most recognised crypto brands in the blockchain-driven economy.
However, this is fast changing according to recent data submitted by Gift Cards merchant CoinCards. In a January 5 tweet, the company stated that XMR is the fourth most used crypto-asset behind the likes of Bitcoin (onchain) with 43.6%, Ethereum 21.2%, and Litecoin 15.5%.
Monero’s governance token XMR came up with an 11.3% usability score, with parody token Dogecoin completing the top 5 ranks with a 3.5% usability measure.
ESP Company Tutanota Lists XMR As A Payment Option
As though this was not enough, email service provider (ESP) company Tutanota announced that it would be accepting BTC and XMR as a payment method for its email marketing services.
According to the details, Tutanota would accept XMR through an unspecified official reseller. The privacy-centric email service company is looking to enlarge its appeal as more users turn to blockchain services in the new year.
XMR Technical Analysis – Fending Off The Bears
In the aspect of technical performance, XMR is not outrightly out of the woods yet. At press time, XMR is trading at $229.4, up a modest 6.65% in the last 24 hours.
On the 20-day exponential moving average (EMA) chart, XMR is trading above the indicator price of $211.5. The digital asset has also flipped bullish as the moving average convergence and divergence (MACD) show the buy signal as the green trendline leads.
Regarding its relative strength index (RSI), XMR also shows a growing positive outlook as the blockchain-based asset is trading at the underbought region figure of 57.11.
The 50% Fibonacci retracement level shows XMR is trading slightly above the indicator price of $219.9, while the 38.2% shows a slight price resistance at $230.4.
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