Privacy-focused cryptocurrency Monero saw its XMR token decline 0.98% over the past 24 hours, falling from $165.83 down to $164.13. This minor pullback comes as Monero trades largely sideways over the past week.

Monero's Market Cap and Volume

Despite the small single-day decline, Monero still maintains a sizable market capitalization of $3 billion. This makes XMR the #25 largest cryptocurrency by market value currently.

Over the past day, Monero saw trading volume of $105 million. This is lower than XMR's monthly average volume, indicating waning interest during yesterday's dip.

Short-Term Momentum Flat

Looking at the 1-hour and 1-day percentage changes, it's clear Monero's price trend has been directionless in the near-term. XMR is down just -0.07% and -0.98% respectively over those periods.

The weekly performance tells a similar story, with Monero essentially flat over the past 7 days. This sideways trading highlights a lack of clear direction currently.

But Monthly Gains Still Impressive

Despite the recent sideways action, Monero remains one of the top performing major cryptocurrencies over the past month. XMR has gained 14.69% over the past 30 days.

This indicates that while the short-term outlook is murky, Monero's longer-term momentum remains bullish. The coin seems to be taking a breather before attempting to resume its uptrend.

Key Levels to Watch

Looking ahead, Monero appears poised to continue consolidating between support around $160 and resistance at $180 in the near-term. A break above $180 is needed to signal upside continuation.

On the downside, a drop below $160 would likely open the door for a steeper correction back towards the 200-day MA around $140. I expect the $160-$180 range to hold over the coming weeks.

What key factors could fuel a Monero bull run through the end of 2023?

If the crypto bull market persists through 2023, a few key factors could propel Monero on a sustained bull run:

• Broader appetite for privacy coins like XMR as government surveillance grows.
• Real-world adoption for anonymous transactions and payments.
• Upgrades or improvements to Monero's privacy technology and usability.
• Greater regulatory clarity around privacy cryptos that removes uncertainty.
• Bitcoin rallying strongly, lifting all altcoins.

If these stars align, Monero could potentially challenge its former all-time high around $515 by late 2023. For now, traders should monitor how the current $160-$180 range plays out.

Is Monero undervalued compared to other large market cap cryptocurrencies?

A case can be made that Monero is currently undervalued relative to other top 20 market cap cryptocurrencies. Some reasons for this include:

• Unique and proven privacy use case versus more generic platforms.
• Smaller inflation rate than most coins over the long-term.
• Usage and trading volume metrics exceed valuation.
• Arguably the best execution of crypto privacy to date.

That being said, regulatory uncertainties and usability challenges have likely contributed to holding back Monero's valuation growth. Once these issues are clarified and improved upon, XMR could see a significant re-rating versus competitors. For now, patient investors may be rewarded buying at current levels.