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 presently 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 prime 20 cryptocurrencies by market cap. It’s up 15% within the final 24 hours and is presently 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 direction of a brand new all-time excessive of $640 within the close to time period.

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

XMR may 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 12 months. The technical indicators counsel that the coin may rally larger within the close to time period. 

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

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

If the rally continues, XMR may 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 may retest the $569 help stage over the following few hours. An prolonged bearish efficiency may see XMR achieve effectivity on the 4-hour timeframe at $489.