Key conclusions
- Monero has 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 top 20 cryptocurrencies by market capitalization. It rose 15% over the past 24 hours and is currently trading around $573 per coin.
The privacy-focused coin hit an all-time high of $596 in the early hours of Monday but retreated slightly amid weak performance in Bitcoin and other leading cryptocurrencies.
XMR has gained nearly 35% since the start of the month as a development crisis at Zcash accelerated capital rotation toward Monero. If the coin breaks above the $600 threshold, it could reach a short-term new high near $640.
This rally comes as privacy coins are posting strong gains driven by growing retail demand. Zcash and other privacy-related assets, such as Canton, have advanced, extending the gains that began in late December.
XMR could reach $700
The XMR/USD 4-hour chart looks bullish, although volatility since Monero’s sharp advance earlier this year has reduced signal clarity. Technical indicators indicate the coin may continue higher in the near term.
The Relative Strength Index (RSI) sits at 80, signaling strong overbought conditions and an increased risk of unsustainable buying pressure.
Additionally, the Moving Average Convergence Divergence (MACD) is extending its upward trend, suggesting increased momentum behind the rally.
If the rebound continues, XMR could climb toward a new short-term peak around $640, and the psychological $700 level is also attainable in the near term.
However, if bears regain control, XMR could retest the $569 support level in the coming hours. A prolonged bearish move could see the 4-hour support zone fall to $489.