- Monero’s current market capitalization ranks it among the top 50 most dominant cryptocurrencies.
- The all-time high price of the XMR crypto stands at the $517.62 level.
- An increase of 2.36% has been observed in the Monero crypto in the last 24 hours.
Launched in 2014, Monero (XMR) allows transactions to be conducted privately and anonymously without the fear of censorship. Unlike Bitcoin (BTC), which conceals a person’s identity, the XMR is developed to obscure senders and recipients with advanced cryptography techniques. The team behind Monero aims to protect all users’ data by prioritizing privacy and security.
Monero Supply Changes, Valuation, and Holdings Apr 2024
Monero has released over 18.42 million XMR tokens in current circulation. The cryptocurrency has an uncapped maximum supply, indicating an inflationary model-type digital asset. The total diluted market capitalization of Monero is assumed to be around $2.22 billion, which is also the current market cap.
XMR is among the 50 most influential cryptocurrencies in terms of global market capitalization. The 24-hour trading volume has reached $41.60 million, with an increase of 3.15%. Current volume is ranking 147th out of all the 9,836 active cryptocurrencies. The volume-to-market cap ratio (VMR) reflects decent liquidity.
The crypto has 876 active token holders, of which the top 3 holders’ wallets own 3.29% of the circulation supply. In numbers, 605,094.14 XMR tokens are held by the top 3 wallets. The no. 1 wallets single-handedly own 2.27% of the circulation supply. The current rate of crypto dominance in the global market stands at 0.09%.
Price to Volume and Social Dominance Analysis
The social buzz of crypto can have both positive and negative impacts on cryptocurrency value. In XMR crypto, the social buzz across social media platforms had a negative effect on price. Monero social buzz covered almost 4.5% dominance in the crypto world in early Feb 2024, resulting in a massive fall in value. Since then, the social sentiments in accordance with crypto have been in constant decline. However, the price managed to keep up with traders’ expectations.
Technical Analysis of the Monero (XMR/USD)
The long-term outlook lies below the key exponential moving averages on the bearish side. The current price is moving below the 50-day and 200-day EMAs, indicating bearish sentiments.
Since Dec 2023, the Monero price has been following a bearish trendline. The price faced resistance multiple times from that trendline. Recently, the crypto price got a bullish reaction from the $108.09 key demand zone. Regarding the technicals, if the price closes above the $140.50 level, the price can surge up to the $162.80 level. A shortfall can be expected below the $100.35 level.
The relative strength index (RSI) is showing a neutral momentum in strength in the current trading sessions. This indicates the buyers and sellers are facing a decisional phase. The RSI is moving at 44.92 above the signal line.
Summary
The Monero cryptocurrency has been experiencing strong bearish domination since Dec 2023. Conversely, the six-month returns of the crypto also faced a negative impact, reflecting negative profitability. XMR crypto price is trading at the $119.07 level. The price can surge to the $162.80 level if the price closes above the $140.50 level. A shortfall can be expected below the $100.35 level.
Technical levels
- Resistance Levels: $140.50 and $171.91
- Support Levels: $108.09 and $96.56
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.