Key points
- XMR reached a record high of $716 after rising 4% in the past 24 hours.
- The rally comes as privacy tokens have been posting gains since the start of the year.
XMR extends rally, hits an ATH of $716
Monero (XMR) has continued its strong start to the year by setting a new all-time high. The coin gained value over the last 24 hours, reaching a peak of $716 earlier today.
At the time of writing, XMR has pulled back slightly and is trading around $708 per coin. The surge means XMR has risen more than 50% over the past seven days, outperforming many other top-20 cryptocurrencies.
With the ongoing rally, Monero is now the twelfth-largest cryptocurrency by market capitalization, sitting near $13 billion.
However, crypto analytics platform Santiment has warned investors that the growing FOMO around Monero could carry risks. Santiment noted XMR’s social dominance peaked on Sunday while on-chain activity has declined.
“If you’re looking for an entry point, consider doing so after the social hype and FOMO fade a bit,” Santiment added.
The coin is currently experiencing a minor pullback after hitting its all-time high.
XMR may climb further as FOMO increases
The 4-hour XMR/USD chart remains bullish and momentum-driven after Monero added roughly 50% in the past week. Trading near $708 per coin, XMR could extend gains in the short term.
Momentum indicators are in overbought territory, which raises the possibility of a corrective move for Monero.
A 4‑hour Relative Strength Index (RSI) reading of 84 shows XMR is overbought, signaling intensified bullish momentum. Overbought RSI conditions often precede short-term corrections, as recent XMR price action has suggested.
MACD lines also sit in bullish territory, adding further confluence to the market’s current setup.
If the rally continues, XMR could test $750 or higher in the near term. Conversely, should the market correct, the leading privacy coin may retreat toward support near $601.