Monero (XMR) seems to be capturing the public’s interest in privacy tokens following the departure of Zcash’s developing team.
In our latest coverage of Zcash, we highlighted that all of the devs within the Electric Coin Company (ECC) left, including its former Chief Executive Officer, Josh Swihart.
As a result, the price of ZEC dropped sharply. In the past 7 days, it has booked an 18% loss while XMR has surged by 33% during that same period.
So, privacy coins continue to be trending, but Zcash is no longer the King of the Hill.
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Trading volumes for XMR have surged by 179% in the past 24 hours alone to $417 million, currently accounting for nearly 4% of the token’s circulating market cap.
Meanwhile, data from Artemis shows that trading volumes spiked last week, moving from $466 million during the week ended on January 4 to $827 million – a 97% increase.
Late Buyers May Still Get to Buy XMR to $500 as RSI Signals Overbought
XMR has surged above $500 now and has managed to break out of a highly coordinated ascending channel that had been driving the price action for months.
The Relative Strength Index (RSI) has now entered overbought territory for the first time since early November. This raises the odds of a pullback, but also indicates that positive momentum is accelerating.
The $500 area seems to be the key support to watch if that pullback does take place. Its psychological relevance also increases the odds that this is where the price will go to if early buyers start to cash out of their positions.
We are already seeing some selling pressure near $600. Who knows, late buyers might get the chance to scoop up XMR at $500 and get in on the rally before the token takes off again.
In the mean time, if you are looking for some guidance in this crazy market, don’t forget to check out our free crypto trading signals for BTC, ETH, XRP, and more.
Have Your Heard About $CHRCH?
Apart from XMR, there’s a new project called Church ($CHRCH) that recently popped up on our radar.
This is a community-governed initiative that aims to allocate resources to evangelical churches by leveraging the power of decentralization to keep things fair.
It has an interesting roadmap, and it seems to be getting traction on Solana.
You can check their website at ChurchToken.Info and in case you wanna buy, this is the token’s official address (75WUVMhKmrdRXCk5whH5ryyH5XocuLNca3yMC3ySXray).
