- Monero has experienced a significant increase in social activity in the last 24 hours. This rise not only remained limited to performance on social platforms but also reflected in the coin’s price chart.
- Data reveals that XMR’s social interactions reached a level of 625,000 within the last 24 hours on August 20th. Additionally, the coin held an Altrank score of 12.
- Apart from popularity, another potential reason behind this upward trend could be the recent blockchain network upgrade that occurred on August 13, 2023.
The recent network upgrade on the Monero network triggered the increase in social activity and led to a price surge in XMR accompanied by trading volume.
Monero Experiencing Significant Increase in Social Volumes
Monero has witnessed a substantial increase in social activity over the last 24 hours. This surge didn’t only limit itself to its performance on social platforms, but it also manifested in the coin’s price chart. This occurrence happened a week after Monero released its latest network upgrade, contributing to the coin’s improved stability. However, will this surge in social activity be sufficient to maintain the trajectory of the coin’s price?
Data shows that XMR’s social interactions reached a level of 625,000 within the last 24 hours on August 20th. Moreover, the coin held an Altrank score of 12, which indicated a bullish signal.
The increase in popularity translated into a positive impact on the coin’s price chart, as its value surged by over 1.6% in the last 24 hours. As of now, Monero was trading at a level of $147.86, and its market capitalization was recorded at $2.7 billion. Additionally, the coin’s daily trading volume increased by 38%, forming the basis of the price surge.
Apart from popularity, another potential reason behind this upward trend could be the recent blockchain network upgrade that occurred on August 13, 2023. The upgrade brought several new features, including upgrading the Bulletproof algorithm to Bulletproof+.
This upgrade reduced the typical transaction size by approximately 5-7%, making transactions lighter and faster, while also increasing typical verification performance by 5-7%.
However, despite the recent price surge, the blockchain’s mining sector experienced a decline. This is evident from the drop in XMR’s hash rate, suggesting that miners might have exited since July 2023.
Can XMR investors carry significant hopes?
While the price trend looks promising, certain metrics were concerning. For instance, XMR’s funding rate turned red, implying derivative traders weren’t willing to buy XMR at a higher price. Moreover, open positions slightly decreased, which was a bearish sign.
Nevertheless, some market indicators still exhibited a bullish outlook. For example, after entering the oversold region, the Relative Strength Index (RSI) gained upward momentum, which could potentially drive XMR’s price higher.
Additionally, the MACD also indicated the likelihood of a bullish crossover in the upcoming days. Unfortunately, the Chaikin Money Flow (CMF) continued to support bulls but remained significantly below the neutral level.
