Key takeaways
XMR has hit an all-time excessive worth of $716 after including 4% to its worth within the final 24 hours.
The rally comes as privateness tokens have been recording good points because the begin of the yr.
XMR continues its rally, hits an ATH of $716
Monero (XMR) continued its wonderful begin to the yr after hitting a brand new all-time excessive. The coin has added greater than 4% to its worth within the final 24 hours to hit an all-time excessive of $716 a couple of hours in the past.
At press time, XMR has barely retraced to now commerce at $708 per coin. The rally implies that XMR has added greater than 50% to its worth within the final seven days, outperforming different cryptocurrencies within the high 20.
Because of the continued rally, Monero is now the Twelfth-largest cryptocurrency, with a market cap near $13 billion.
Nonetheless, crypto analytics platform Santiment has warned traders that the rising FOMO surrounding Monero could possibly be dangerous. In line with Santiment, XMR’s social dominance peaked on Sunday, whereas growth exercise has declined.
“In case you are on the lookout for an entry level, think about doing so after social hype and FOMO wears off barely,” Santiment added.
The coin is presently going through a retracement after hitting the all-time excessive worth.
XMR may rally greater amid rising FOMO
The XMR/USD 4-hour chart is bullish and environment friendly due to Monero including 50% to its worth within the final seven days. The coin is buying and selling at $708 per coin and will rally greater within the close to time period.
The momentum indicators are within the overbought area, which may end in Monero present process a correction.
The Relative Power Index (RSI) of 84 reveals that XMR is overbought, signaling heightened bullish momentum. Overbought circumstances within the RSI typically result in a short-term correction, as evidenced by XMR’s latest strikes.
The MACD traces are additionally within the bullish zone, including extra confluence to the market circumstances.
If the rally continues, XMR may hit an all-time excessive of $750 or extra within the close to time period. Nonetheless, if the market undergoes a correction, the main privateness coin may retrace in the direction of the assist degree at $601.
