Is XMR heading in direction of $700?

Key takeaways

Monero has hit a brand new all-time excessive of $596 after outperforming the opposite main cryptocurrencies.
XMR is at present the Twelfth-largest cryptocurrency by market cap.

XMR hits a brand new all-time excessive of $596

XMR, the native coin of the Monero blockchain, is the most effective performer among the many high 20 cryptocurrencies by market cap. It’s up 15% within the final 24 hours and is at present buying and selling at $573 per coin.

The privateness coin hit an all-time excessive of $596 through the early hours of Monday, however has barely retraced as a result of poor efficiency by Bitcoin and different main cryptocurrencies. 

XMR is up by almost 35% for the reason that begin of the month because the Zcash builders’ disaster boosts capital rotation to Monero. If the coin crosses the $600 mark, it might rally in direction of a brand new all-time excessive of $640 within the close to time period.

The rally comes as privateness cash file glorious positive aspects because of rising retail demand.  Zcash and different privacy-related property, corresponding to Canton, additionally superior, extending positive aspects that started in late December.

XMR might rally in direction of $700

The XMR/USD 4-hour chart is bullish however inefficient because of Monero’s violent upward motion for the reason that begin of the yr. The technical indicators counsel that the coin might rally greater within the close to time period. 

The Relative Energy Index (RSI) is at 80, signaling intense overbought situations with an underlying threat of unsustainable shopping for stress. 

Moreover, the Shifting Common Convergence Divergence (MACD) extends the upward development, suggesting heightened development momentum.

If the rally continues, XMR might surge in direction of a brand new all-time excessive of $640, with the $700 psychological mark additionally a risk within the close to time period.

Nevertheless, if the bears regain management of the market, XMR might retest the $569 help degree over the following few hours. An prolonged bearish efficiency might see XMR achieve effectivity on the 4-hour timeframe at $489.