Is XMR heading towards $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 very best 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 throughout 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 the direction of a brand new all-time excessive of $640 within the close to time period.

The rally comes as privateness cash report glorious good points because of rising retail demand.  Zcash and different privacy-related belongings, akin to Canton, additionally superior, extending good points that started in late December.

XMR might rally in the 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 increased within the close to time period. 

The Relative Energy Index (RSI) is at 80, signaling intense overbought circumstances with an underlying danger of unsustainable shopping for strain. 

Moreover, the Transferring Common Convergence Divergence (MACD) extends the upward pattern, suggesting heightened pattern momentum.

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

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