Monero (XMR) Price Prediction: Privacy Coin defies Market Sell-off, Tops Weekly Chart with 10% Gain

Privacy-focused cryptocurrency Monero [XMR] was one of the outliers in the weekly charts despite a broader market sell-off. During Thursday's early Asia

Privacy-focused cryptocurrency Monero (XMR) defied the broader market sell-off by notching up nearly 10% gains over the past seven days.

At the time of writing, XMR was up by 9.7%, trading at $172. This placed the cryptocurrency 10th on CoinMarketCap’s weekly gainers list.

However, the 10th-largest cryptocurrency by market cap had not fully recovered from the losses incurred last week. Over the past 30 days, XMR was down by 6.4%.

Despite the losses, the cryptocurrency had outperformed Bitcoin and Ethereum, both of which were down by double digits over the same period.

This relative strength was also observed in the 90-day and 180-day price charts, with BTC and ETH posting losses of 30% and 40%, respectively, while XMR was up by 10% and 20%, respectively.

Monero price analysis

An analysis of the derivatives data revealed that futures traders were largely bullish on XMR, with 56% of speculators’ bets being long positions.

This bullish sentiment was further supported by the price action, which showed that XMR had remained above a key supply level at $170 for the past three days.

If buying pressure continues to build, the next immediate resistance levels would be at $182 and $194, respectively.

However, a weakening of buying pressure could see sellers drag XMR to lower supports at $158 and $152, respectively.

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