Key takeaways
- XMR reached a new all-time high of $716 after gaining about 4% in the past 24 hours.
- The rally comes amid a broader surge in privacy-focused tokens year-to-date.
XMR continues its rally, hits $716 ATH
Monero (XMR) has extended its strong run, setting a fresh all-time high. The coin climbed more than 4% in the last 24 hours and briefly reached $716 per token earlier today.
At the time of writing XMR has pulled back slightly and is trading around $708. The recent gains mean XMR has risen by over 50% in the past seven days, outperforming many of the top 20 cryptocurrencies.
Thanks to this continued momentum, Monero is now the 12th largest cryptocurrency by market capitalization, approaching roughly $13 billion in market value.
Crypto analytics provider Santiment has cautioned investors that growing FOMO around Monero could increase risk. According to Santiment, XMR’s social dominance peaked on Sunday while development activity has declined.
“If you are looking for an entry, consider waiting until some of the social hype and FOMO cools off,” Santiment added.
The coin is currently trading below its intraday high after the record move.
XMR could push higher amid rising FOMO
The XMR/USD 4-hour chart shows bullish strength, supported by Monero’s roughly 50% gain over the past week. Trading near $708 per coin, XMR appears capable of further short-term upside.
However, momentum indicators are in overbought territory, which raises the likelihood of a correction.
A relative strength index (RSI) reading around 84 suggests XMR is overbought and signals elevated upward momentum. Overbought conditions frequently precede short-term pullbacks, as recent XMR action has demonstrated.
MACD lines are also in bullish territory, reinforcing the market’s upward bias.
If buying pressure persists, XMR could revisit or exceed its record high and test levels around $750 or more in the near term. Conversely, a market correction could see the leading privacy coin retreat toward support near $601.