- XMR trading volume and price volatility remained high last week.
- Most data were bullish, but the RSI and MACD turned bearish.
The crypto market witnessed a price correction last week, causing the value of most coins to decline. However, Money [XMR] stood out from the rest by making a profit. While most cryptos suffered, a look at XMR’s on-chain data sheds light on what went in the token’s favor, allowing it to increase its value.
Read Moneros [XMR] Price prediction 2023-24
Monero outperforms the rest
Santiment posted a tweet on October 11 highlighting how the crypto market underwent a price correction last week. In fact, the king of the cryptos during that period Bitcoin [BTC], managed to stay flat.
However, coins such as XMR and RNDR outperformed the rest with gains of over 3% and 4% respectively.
📊 Most market caps are in #crypto have undergone mild corrections in the past week. However, #Bitcoin has remained flat at the $27.4K level. The few highlights of the past week include: $XMR (+3.7%) and $RNDR (+4.5%). $BTC Maximalists have historically thrived under these conditions. pic.twitter.com/czvFn1A6Ql
— Santiment (@santimentfeed) October 10, 2023
From CoinMarketCap, the price of XMR has only changed marginally over the past 24 hours. At the time of writing, it was trading at $151.86 with a market cap of over $2.7 billion, making it the 24th largest crypto.
As the price of XMR rose, so did trading volume, which generally acts as the basis for a bull rally. Thanks to the price increase, Monero’s price volatility also shot up for a week.
However, XMRThe company’s demand in the derivatives market waned as Binance funding rates remained mostly red over the past week.
Source: Santiment
As Monero’s price skyrocketed, it became a topic of discussion in the crypto community, which was evident in the rise in social volume.
Weighted sentiment also improved, meaning that positive sentiment surrounding the token was dominant in the market. It was interesting to note that development activity around XMR plummeted while its price rose.
Source: Santiment
Will Monero maintain its momentum?
While investors enjoyed gains last week, more data sets showed the trend could last longer. LunarCrush’s facts points to quite a few bullish metrics.
For example, XMR’s Altrank has improved dramatically over the past week. Bullish sentiment around the token also rose by double digits, indicating that investors had a lot of confidence in XMR’s bull rally.
Realistic or not, here it is XMR market cap in BTC Term
A look at Monero’s daily chart further revealed that the Chaikin Money Flow (CMF) registered an increase. Nevertheless, some indicators suggested that the bears have already entered the market, which could pose limitations XMR‘s price will not increase further.
For example, the Relative Strength Index (RSI) fell towards the neutral level of 50. Furthermore, the MACD also showed the possibility of a bearish crossover in the coming days.
Source: TradingView
