Українська
Русский
English
Privacy-focused cryptocurrency Monero reaches a new price high
The privacy-focused cryptocurrency Monero reached a new all-time high near $608, following an eight-day rally. XMR prices are now well above the previous resistance zone of $460–$480, which had capped gains for most of 2024.
The weekly chart shows a clear breakout from an ascending channel. Momentum accelerated after the price moved above the mid-$500 range, followed by continued buying around the $600 level.
Open interest in XMR derivatives reached a record $150 million. For an asset with a market capitalization of around $11 billion, leverage remains moderate. It is evident that traders are increasing rather than reducing positions.
Search query data confirms rising interest. According to data aggregator CoinGecko, privacy-oriented cryptocurrencies are at the top of the current interest rankings, with Monero and Dash leading in short-term searches.
Data from Santiment reflects increased user interest in cryptocurrencies near recent highs, which often leads to strong rallies. Past cycles show that rapid price increases with strong social attention typically slow down before the next phase. This combination does not end the trend but delays its continuation.
The weekly Monero chart points to a further move into the $650–700 range, provided that momentum is maintained.
Indicators show an extremely optimistic sentiment. The Relative Strength Index (RSI) stands at 74, entering overbought territory, indicating a high probability of a correction.
The Chaikin Money Flow indicator shows increasing inflows, helping XMR gain nearly 50% over the past week.
See also: "Santiment: weak network growth prevents Solana from rising above $145"
