XMR reached an all-time high of $716
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After gaining 4% in the last 24 hours, XMR reached an all-time high of $716.
The rally comes as privacy benchmarks record gains since the start of the year.
XMR continues its rally, reaching ATH of $716
Monero (XMR) continues its strong start to the year after hitting a new all-time high. The coin has increased in value by more than 4% in the last 24 hours to reach an all-time high of $716 a few hours ago.
At press time, XMR has bounced back slightly and is now at $708 per coin. The rally means XMR is up more than 50% in the past seven days, outperforming 20 other cryptocurrencies.
Thanks to the ongoing rally, Monero is now the 12th largest cryptocurrency with a market cap of nearly $13 billion.
However, crypto analytics platform Santiment has warned investors that the rising FOMO around Monero could be dangerous. According to Santiment, XMR's social dominance peaked on Sunday, while growth activity slowed.
“If you're looking for an entry point, consider doing it after the social token and FOMO has died down a bit,” Santiment added.
The coin hit an all-time high and is currently experiencing a pullback.
XMR is likely to rise as FOMO grows.
The 4-hour chart of XMR/USD is bullish and bullish thanks to Monero adding 50% to its value over the past seven days. The coin is trading at $708 per coin and may go higher in the near future.
Velocity indicators are in overbought territory, which could cause Monero to correct.
The Relative Strength Index (RSI) of 84 shows that XMR is overbought, indicating higher bullish momentum. Overbought conditions in the RSI often lead to a short-term correction, as evidenced by XMR's recent moves.
The MACD lines are also in the energy zone, adding more consensus to market conditions.
If the rally continues, XMR could reach an all-time high of $750 or more in the near future. However, if the market corrects, the major cryptocurrency could return to the $601 support level.
