Monero’s Positive Move: XMR Price Rises Over 3% in 24 Hours, Reflecting Promising Momentum

• Monero has earned a solid long-term technical score of 74 from InvestorsObserver analysis, outperforming 74% of cryptocurrencies.
• Monero’s price has ascended by 3.2% in the past 24 hours and is currently at $168.17, further bolstering its positive trend over the past week.

InvestorsObserver has bestowed Monero (XMR) with an impressive long-term technical score of 74. This proprietary evaluation system analyzes the coin’s trading behavior over the past several months to a year, taking into account its consistency, volatility, and relative position to long-term averages. The score suggests that Monero outstrips 74% of cryptocurrencies in terms of its potential as a buy-and-hold investment.

At present, Monero is trading at $165.28, an increase of 8.22% ($12.56) from its 100-day moving average of $152.72. It’s also performing strongly on an annual basis, with its current price being 142.45% ($56.97) higher than its 52-week low of $108.31, and just 82.95% lower than its 52-week high of $187.21. Considering these factors, Monero’s long-term technical score stands strong at 74.

Monero’s recent market behavior suggests investors are presently neutral towards the coin. Its market capitalization currently sits at approximately $3.02 billion, with a high average daily trading volume of $579.98 million worth of the currency traded over a typical 24-hour period. In the last 24 hours, Monero’s trading volume is slightly lower than its seven-day average, with 80,455,735.62 coins exchanged.

In a separate report, Monero (XMR) has seen a 3.2% increase in price over the past 24 hours, elevating it to $168.17. This trend sustains its positive trajectory over the past week, during which it has seen a 19.0% gain, moving from $140.73 to its current price. As of now, Monero’s all-time high stands at $542.33.

Meanwhile, the coin’s trading volume has soared by 69.0% over the past week, in stark contrast to the circulating supply of the coin, which has dipped slightly by 0.03%, putting the current circulating supply at 18.15 million. Presently, Monero’s market cap ranking sits at #25, with a valuation of $3.04 billion.

Despite its recent uptrend, skepticism surrounds Monero’s growth potential. The currency’s trading volume has declined by 12.37% overnight, indicating that buying momentum may wane in the near term. Furthermore, regulatory challenges, particularly from entities like the U.S. Securities and Exchange Commission (SEC), coupled with its privacy-focused nature, have fostered a sense of Fear, Uncertainty, and Doubt (FUD) within the Monero ecosystem. Amid these pressures, the coin’s status as a major player in the crypto market is up for debate.

As for the broader crypto market, the sentiment is mixed. Bitcoin and Ethereum have seen marginal declines, while Monero’s 3.3% gain positions it as one of today’s top-performing altcoins. This momentum could help the privacy coin achieve more significant milestones in the near term.