- In a week where most cryptocurrencies faced price corrections, Monero (XMR) registered gains.
- Sentiment around XMR improved significantly, though some indicators suggest potential bearish crossovers.
In a week marked by broad price corrections across the cryptocurrency market, Monero (XMR) showcased resilience and strength. While a majority of digital assets saw their values dip, Monero’s on-chain data provides crucial insights into the factors that contributed to its upward trajectory, as noted in a recent tweet by Santiment (@santimentfeed).
📊 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 pointed out by Santiment in their tweet on 11 October, the crypto market grappled with a notable price correction. While Bitcoin [BTC], often referred to as the king of cryptos, remained stable, specific coins like XMR and RNDR shone, registering gains surpassing 3% and 4%, respectively.
A Closer Look at XMR’s Performance
According to CoinMarketCap data, XMR’s price saw only a slight movement in the last 24 hours, trading at $151.86. This trading value places it at a hefty market capitalization of over $2.7 billion, securing its rank as the 24th largest cryptocurrency.
The surge in XMR’s price was accompanied by an increase in its trading volume – often seen as an early sign of a potential bull rally. This uptick also reflected in Monero’s one-week price volatility. Yet, it’s worth noting that XMR’s presence in the derivatives market took a hit, with its Binance funding rate primarily in the red throughout the past week.
Community Engagement and Sentiment Analysis
Monero’s price surge wasn’t just felt in the markets but also echoed in crypto community discussions. This resonance was evident with a noticeable rise in Monero’s Social Volume. Moreover, its weighted sentiment underwent a transformation, indicating that a more positive outlook on the token prevailed in the market. However, as XMR’s price surged, there was a noteworthy drop in Development Activity around the coin.
Future Trajectory for Monero
Data from LunarCrush presented several bullish indicators for XMR. For starters, XMR’s Altrank experienced a significant boost in the past week. Furthermore, bullish sentiment for the token surged in double digits, hinting at increased investor confidence in its ongoing rally.
A glance at Monero’s daily chart reveals an uptick in its Chaikin Money Flow (CMF). However, other indicators, like the Relative Strength Index (RSI) drifting towards the neutral mark of 50 and potential bearish crossover signs from the MACD, indicate that bearish forces might be gearing up to challenge XMR’s recent gains.