February 7, 2023

Monero [XMR] It was among the few crypto assets that took full advantage of the bullish bounce in July. With its price going from $118 to $154, the month of July saw the altcoin price rise by 30%.

According to data from EmotionWhile the rest of the cryptocurrency market suffered at the hands of bears in June, XMR has gradually risen over 41% since the middle of that month. Additionally, on August 5, on-chain data revealed that the cryptocurrency flashed a massive rally in its sentiment, the highest it has seen since May 21.

Now, how has this privacy-focused cryptocurrency performed over the past month?

Monero satellites and more

Noting a 30% rally in July, XMR is not left out after Bitcoin surges over 18% in value while Ethereum is up 54%. During that period, the cryptocurrency price surged to a high of $162 on July 28 before closing the month at an index price of $154.

Within 31 days, the alternative’s market capitalization rose from $2.08 billion to $2.85 billion – a 37% increase. XMR’s trading volume has been steadily increasing throughout the month, growing by 115% as well.

Source: Santiment

So far this month, XMR price has registered a slight increase of 2%. At press time, the altcoin is trading at $160.66 – down 1% in the past 24 hours. With an alternate trading volume of $83,801,108 recorded in the same period, a 24% decrease was observed.

On the daily chart, XMR has been consolidating within a narrow range for the past few days. At the time of writing, high buying pressure is observed. Moreover, the RSI was set at 62.20 in an uptrend while the Money Flow Index recorded a reading of 64.19.

Source: Trading Activity

On-series performance

According to Santiment data, whales started taking profits in July as the price of XMR rose. During the 31-day period, the supply of XMR tokens held by whales decreased by 3%. This is down 0.11% since the beginning of this month.

Interestingly, despite the impressive price growth in July, XMR failed to register any significant traction on the social front. In the past month, its social dominance has fallen by 53%. Its social size has also decreased by 30%.

Source: Santiment

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