XMR hits an all-time high of $716

Key takeaways

• XMR has hit an all-time high price of $716 after adding 4% to its value in the last 24 hours.
• The rally comes as privacy tokens have been recording gains since the start of the year.

XMR continues its rally, hits an ATH of $716

Monero (XMR) continued its excellent start to the year after hitting a new all-time high. The coin has added more than 4% to its value in the last 24 hours to hit an all-time high of $716 a few hours ago.

At press time, XMR has slightly retraced to now trade at $708 per coin. The rally means that XMR has added more than 50% to its value in the last seven days, outperforming other cryptocurrencies in the top 20.

Thanks to the ongoing rally, Monero is now the 12th-largest cryptocurrency, with a market cap close to $13 billion.  

However, crypto analytics platform Santiment has warned investors that the rising FOMO surrounding Monero could be risky. According to Santiment, XMR’s social dominance peaked on Sunday, while development activity has declined.

“If you are looking for an entry point, consider doing so after social hype and FOMO wears off slightly,” Santiment added. 

The coin is currently facing a retracement after hitting the all-time high price. 

XMR could rally higher amid growing FOMO

The XMR/USD 4-hour chart is bullish and efficient thanks to Monero adding 50% to its value in the last seven days. The coin is trading at $708 per coin and could rally higher in the near term. 

The momentum indicators are in the overbought region, which could result in Monero undergoing a correction. 

The Relative Strength Index (RSI) of 84 shows that XMR is overbought, signaling heightened bullish momentum. Overbought conditions in the RSI often lead to a short-term correction, as evidenced by XMR’s recent moves.

The MACD lines are also in the bullish zone, adding more confluence to the market conditions. 

If the rally continues, XMR could hit an all-time high of $750 or more in the near term. However, if the market undergoes a correction, the leading privacy coin could retrace towards the support level at $601.