Odds of Monero continuing its bull rally are…
- XMR’s trading volume and price volatility remained high last week.
- Most metrics were bullish, but the RSI and MACD turned bearish.
The crypto market witnessed a price correction last week, pushing down the value of most coins. However, Monero [XMR] stood out from the rest as it registered gains. While most cryptos suffered, a look at XMR’s on-chain data shed light on what went in the token’s favor, allowing it to raise its value.
Read Monero’s [XMR] Price Prediction 2023-24
Monero outshines the rest
Santiment posted a tweet on 11 October highlighting how the crypto market underwent a price correction last week. In fact, during that period, the king of cryptos, Bitcoin [BTC], managed to remain flat.
However, coins like XMR and RNDR outperformed the rest by more than 3% and 4% of gains, respectively.
? Most market caps in #crypto have experienced mild corrections over the past week. However, #Bitcoin has stayed flat at the $27.4K level. The few standouts over the past week include $XMR (+3.7%) and $RNDR (+4.5%). $BTC maximalists historically thrive under these conditions. pic.twitter.com/czvFn1A6Ql
— Santiment (@santimentfeed) October 10, 2023
As per CoinMarketCap, XMR’s price only moved marginally over the last 24 hours. At the time of writing, it was trading at $151.86 with a market capitalization of over $2.7 billion, making it the 24th largest crypto.
While XMR’s price surged, its trading volume also went up, which generally acts as a foundation for a bull rally. Thanks to the price uptick, Monero’s one-week price volatility also shot up.
However, XMR’s demand in the derivatives market dwindled as its Binance funding rate remained mostly red throughout the last week.
While Monero’s price shot up, it became a topic of discussion in the crypto community, which was evident from the rise in its Social Volume.
Its weighted sentiment also improved, meaning that positive sentiment around the token was dominant in the market. It was interesting to note that Development Activity around XMR plummeted while its price rose.
Will Monero maintain its momentum?
While investors enjoyed profits last week, more datasets revealed that the trend might continue longer. LunarCrush’s data pointed out quite a few bullish metrics.
For instance, XMR’s Altrank improved drastically over the last week. The bullish sentiment around the token also surged in double digits, suggesting that investors were highly confident in XMR’s bull rally.
Realistic or not, here’s XMR market cap in BTC terms
A look at Monero’s daily chart further revealed that its Chaikin Money Flow (CMF) registered an uptick. Nonetheless, a few of the indicators suggested that the bears have already entered the market, which can restrict XMR’s price from moving up further.
For example, the Relative Strength Index (RSI) went down towards the neutral mark of 50. Additionally, the MACD also displayed the possibility of a bearish crossover in the coming days.