a close up of a gold coin

Monero Leads in Performance Amidst Market Correction

On 11 October, Santiment highlighted a recent crypto market price correction through a tweet. During this time, Bitcoin remained steady without significant movement.

In contrast, cryptocurrencies such as XMR and RNDR exhibited notable growth, boasting gains exceeding 3% and 4%, respectively.

According to CoinMarketCap, XMR’s price had a slight change in the past 24 hours and was valued at $151.86 at the point of reporting. Its market cap exceeded $2.7 billion, ranking it as the 24th largest cryptocurrency.

Alongside the increase in Monero’s price was a rise in its trading volume – a typical precursor to a bullish trend. The past week witnessed increased price volatility for Monero, attributed to the price boost.

However, in the derivatives market, the demand for XMR decreased, evidenced by its mostly red Binance funding rate over the past week.

As Monero’s price escalated, the crypto community‚Äôs chatter around it grew, demonstrated by an increase in its Social Volume.

Monero’s sentiment score indicated a market leaning more towards positivity regarding the coin. Yet, while its price surged, the Development Activity for XMR saw a decline.

Monero-XMR
Photo: Santiment

Monero’s Future Outlook

Despite investors reaping profits recently, further analysis suggests this trend might persist. Data from LunarCrush highlighted several optimistic metrics for Monero.

For example, over the previous week, Monero’s Altrank saw significant improvement. The bullish sentiment related to the coin also experienced a surge, indicating high investor confidence in its continued rally.

However, an examination of Monero’s daily chart revealed that its Chaikin Money Flow (CMF) showed positive signs, but some indicators hinted at potential bearish tendencies. The Relative Strength Index (RSI) descended towards the neutral 50 mark, and the MACD hinted at a possible bearish shift in the near future.

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Tommy Crush

Tommy is a dynamic and promising voice in the world of cryptocurrency writing, with a year of dedicated experience that has already left a significant mark. Born with an innate curiosity and a passion for emerging technologies, Tommy quickly found their niche in the thrilling realm of digital currencies and blockchain technology. His journey into the world of cryptocurrencies began as a personal exploration, but it wasn't long before they realized their talent for translating complex concepts into accessible, engaging prose. In just a short span of one year, Tommy has become a trusted source for readers seeking clear and insightful explanations of the ever-evolving crypto landscape. They have a remarkable ability to break down intricate blockchain mechanisms, decentralized finance (DeFi) protocols, and the latest trends in the market, making this complex subject matter approachable to both newcomers and experienced enthusiasts. Tommy remains committed to providing readers with accurate, insightful, and well-researched content that demystifies the world of cryptocurrencies. With an insatiable hunger for knowledge and a genuine passion for the subject matter, He is poised to be a driving force in shaping the future of crypto journalism. In their spare time, Tommy enjoys watching football, read news and believes in the power of blockchain technology to revolutionize industries far beyond finance. With a bright future ahead, Tommy invites you to join them on their crypto journey as they continue to explore, learn, and share their insights with the world.
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