Is XMR Heading To $700?
Key receivers
Monero has hit a new all-time high of $596, outperforming other major cryptocurrencies.
XMR is currently the 12th largest cryptocurrency by market cap.
XMR reached a new all-time high of $596
XMR, the native coin of the Monero blockchain, is the best performer among the top 20 cryptocurrencies by market cap. It has gained 15% in the last 24 hours and is currently trading at $573 per coin.
The privacy coin hit an all-time high of $596 early Monday, but pulled back slightly due to the weak performance of Bitcoin and other leading cryptocurrencies.
XMR is up about 35% since the beginning of the month as the Zcash developer crisis boosts capital flow to Monero. If the coin breaks the $600 mark, it may come to a new all-time high of $640 in the near future.
The rally comes as privacy coins record strong gains on growing retail demand. Zcash and other privacy-related assets, such as Canton, have made significant gains, extending gains that began in late December.
XMR can rally around $700.
The 4-hour chart of XMR/USD is bearish but not without thanks to Monero's strong upward movement since the beginning of the year. Technical indicators suggest that the coin may go higher in the near future.
The Relative Strength Index (RSI) is at 80, indicating overbought conditions and the risk of unsustainable buying pressure.
Additionally, the Moving Average Convergence Divergence (MACD) extends the upward trend, indicating higher trend momentum.
If the rally continues, XMR could rise to a new all-time high of $640, with the $700 psychological mark likely in the near term.
However, if the bears regain control of the market, XMR may retest the $569 support level in the next few hours. An extended bullish performance could see XMR trading at $489 on the 4-hour time frame.
