Key points
- Monero reached a new all-time high of $596 after outperforming other major cryptocurrencies.
- XMR is currently the 12th largest cryptocurrency by market capitalization.
XMR reaches a new all-time high of $596
XMR, the native coin of the Monero blockchain, is the top performer among the 20 largest cryptocurrencies by market capitalization. It rose 15% over the past 24 hours and is trading around $573 per coin.
The privacy-focused coin hit an all-time high of $596 in the early hours of Monday, before pulling back slightly amid weakness in Bitcoin and other major cryptocurrencies.
XMR is up nearly 35% since the start of the month, a move that has been accelerated by turmoil among Zcash developers, which appears to be shifting capital toward Monero. If the coin clears the $600 mark, it could push toward a new record of $640 in the short term.
This rally comes as privacy coins post strong gains driven by growing demand in the sector. Zcash and other privacy-related assets, including Canton, have also advanced, extending the momentum that began in late December.
XMR could move toward $700
The XMR/USD 4-hour chart remains bullish but stretched after Monero’s sharp upward move since the start of the year. Technical indicators suggest further upside is possible in the short term.
The relative strength index (RSI) sits near 80, indicating strong overbought conditions and a risk that the buying pressure may not be sustainable.
Meanwhile, the moving average convergence divergence (MACD) is extending the bullish trend, suggesting growing upward momentum.
If the rally continues, XMR could target a fresh all-time high near $640, and the psychological $700 level is also within reach in the short term.
However, if bears regain control, XMR may retest support around $569 in the coming hours. A prolonged bearish move could allow XMR to consolidate more effectively on the 4-hour timeframe near $489.