Monero observations that can save your portfolio from market crash

If you bought Monero XMR at its August top so far, you would be down by roughly 11.5% at its $153.55 press time price. And, if you purchased it at its bottom in June, you would still be up by roughly 58%.

Timeline of Monero

Earlier today, the Monero (XMR) price jumped 7% and pierced the weekly resistance of $170. However, the price couldn't sustain above this level and reverted immediately, displaying a high price rejection indicating the sellers continue to defend this level.

The Monero (XMR) price has skyrocketed by over 7% in a day before the scheduled network hard fork on August 13. The privacy cryptocurrency protocol will undergo a network upgrade via a hard fork to improve transaction privacy, speed, security, wallet syncing, and reduce fee volatility.

Monero is the most popular privacy token in the space, and investors have flocked to it due to the anonymity it provides. Its community is widespread with a lot of miners, but one mining pool has dominated the hashrate of the privacy coin in the past.

The largest Monero mining pool by hashrate MINEXMR has revealed it will stop operations on August 12th. The news today comes months after the mining pool was bashed for controlling a significant percentage of all mining hashrate on the privacy token blockchain.

If there has been one cryptocurrency that has taken the market by surprise over the last 24 hours, it's Monero [XMR]. In a market where top coins, including Bitcoin [BTC] and Ethereum [ETH], have dropped in price, XMR has increased.

The Monero (XMR) price performed well in the crypto space, resulting in a 44% increase in its 24-hour trading volume. The XMR buyers have kept the buying interest as the price rebounds from the lower levels.

Monero (XMR) spiked to its peak levels in three months, in the face of challenges in the crypto market. XMR has been gaining momentum since June 13 as it has been enjoying highest highs over the past few months.

Monero moved to its highest level in five weeks on Thursday, despite crypto markets mainly trading in red. The token rose to its highest level since June 13 after extending recent gains. On the other hand, dogecoin dropped lower today, despite Elon Musk announcing that Tesla hasn't sold any of the meme coin.

If you were looking to place a healthy short position this week, Monero [XMR] might be a good option especially after its recent rally. The altcoin had a solid bull run from its latest local low and had already started showing signs of weakness at press time.

Monero [XMR] seems to be one of the most prepared altcoins to make the most of this recent crypto resurgence. After a bit of relief from the market crash, the private cryptocurrency looks to be running toe to toe with the crypto king, Bitcoin [BTC].