Key takeaways
- XMR reached a new all-time high of $716 after gaining about 4% in the past 24 hours.
- The rally occurred as the privacy token has posted strong gains since the start of the year.
XMR extends rally, hits ATH of $716
Monero (XMR) has extended its strong start to the year by reaching a fresh all-time high. The coin added roughly 4% to its value over the previous 24 hours to peak at $716 a few hours ago.
At the time of writing, XMR has cooled slightly and is trading around $708 per coin. The rally means Monero has gained more than 50% over the past seven days, outperforming many other top-20 cryptocurrencies.
Thanks to the sustained advance, Monero is now the 12th-largest cryptocurrency by market capitalization, approaching roughly $13 billion.
However, crypto analytics platform Santiment warned investors that rising FOMO around Monero could increase risk. Santiment noted that XMR’s social dominance peaked on Sunday while development activity has declined.
“If you are looking for an entry point, consider doing so after some of the social hype and FOMO subsides,” Santiment added.
The coin is now facing a potential pullback after reaching a new high.
XMR may climb further amid growing FOMO
The 4-hour XMR/USD chart remains bullish and efficient, supported by Monero’s roughly 50% weekly gain. Trading around $708, the coin could push higher in the near term.
Momentum indicators sit in overbought territory, which raises the possibility of a correction for Monero.
A Relative Strength Index (RSI) reading of 84 indicates XMR is overbought, signaling strong upward momentum. Overbought RSI conditions often precede short-term pullbacks, as recent XMR price action has shown.
The MACD lines are also positioned in bullish territory, reinforcing the market’s upward bias.
If the rally continues, XMR could test $750 or higher in the near term. Conversely, if the market corrects, the leading privacy coin could retrace toward the support area near $601.