Key Takeaways
- XMR reached a new all-time high of $716 after rising roughly 4% in the past 24 hours.
- The rally comes as privacy-focused tokens have posted gains year-to-date.
XMR Continues Rally, Hits $716 All-Time High
Monero (XMR) extended its strong start to the year by hitting a fresh all-time high. The coin climbed more than 4% over the past 24 hours, reaching $716 a few hours ago.
At the time of writing, XMR has pulled back slightly and is trading around $708 per coin. Over the past seven days the token has gained more than 50%, outperforming many other top-20 cryptocurrencies.
That surge has pushed Monero into the 12th-largest cryptocurrency spot, with a market capitalization approaching $13 billion.
Crypto analysis platform Santiment warned investors that rising FOMO around Monero may present risks. According to Santiment, XMR’s social dominance peaked on Sunday while development activity has tapered off.
“If you are looking to enter, consider waiting until social hype and FOMO cool down a bit,” Santiment added.
Following the all-time high, the coin is currently experiencing a short-term pullback.
XMR Could Climb Further Amid Growing FOMO
The XMR/USD 4-hour chart remains bullish as Monero has rallied roughly 50% over the past week. Trading near $708 per coin, XMR could see additional upside in the near term.
Momentum indicators are in overbought territory, which increases the likelihood of a correction for Monero.
A Relative Strength Index (RSI) reading of about 84 signals overbought conditions and strong bullish momentum. Historically, overbought RSI levels often precede short-term pullbacks, which aligns with recent XMR price action.
MACD lines also sit in bullish territory, adding further confirmation to the current market setup.
If the rally continues, XMR could test a near-term upside target of $750 or higher. Conversely, a market correction could push the leading privacy coin back toward support near $601.