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 the moment 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 perfect performer among the many high 20 cryptocurrencies by market cap. It’s up 15% within the final 24 hours and is at the moment 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 practically 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 may 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 document glorious features due to rising retail demand.  Zcash and different privacy-related belongings, reminiscent of Canton, additionally superior, extending features that started in late December.

XMR may rally in the direction of $700

The XMR/USD 4-hour chart is bullish however inefficient due to Monero’s violent upward motion for the reason that begin of the 12 months. The technical indicators counsel that the coin may rally larger within the close to time period. 

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

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

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

Nonetheless, if the bears regain management of the market, XMR may retest the $569 assist stage over the subsequent few hours. An prolonged bearish efficiency may see XMR achieve effectivity on the 4-hour timeframe at $489.