The crypto market today is cooling down as the total market capitalization has dropped nearly $30 billion in the past 24 hours, indicating that the upward momentum is stalling as investors become more cautious.
Although the overall market is entering a correction phase, some altcoins are still standing out and attracting strong interest from the community, including Monero (XMR), XDC Network (XDC), and ai16z (AI16Z).
Monero (XMR)
The privacy coin Monero (XMR) is one of the standout altcoins today. Despite the downward trend in the market, XMR has still increased nearly 15% in the past 24 hours. In early trading in Asia, the price of XMR surged over 40%, temporarily surpassing $390 – the highest price since August 2021.
According to on-chain researcher ZachXBT's share on platform X, the sudden surge in XMR may be related to a major hack. ZachXBT stated that 3,520 Bitcoins (BTC) worth approximately $330.7 million were withdrawn from a wallet and quickly exchanged for XMR.
However, XMR may be about to correct after this hot surge. The relative strength index (RSI) is currently at 81.06, indicating that XMR is in an overbought state and likely to decline in the short term. If buying strength weakens, the price of XMR could drop to around $246.5.
XMR price analysis | Source: TradingView
Conversely, if buying pressure continues to be maintained, XMR could rise to $280.61.
XDC Network (XDC)
XDC is also an altcoin that is attracting attention today. The price of XDC has risen 7% in the past 24 hours, currently trading around $0.08.
During this period, the trading volume of XDC reached $30 million, up 16% from yesterday. When both price and volume increase, this indicates that demand is truly strong and confirms the reliability of the upward trend.
If the buying momentum continues, the price of XDC could aim for $0.084.
XDC price analysis | Source: TradingView
However, if demand decreases, the price of XDC could reverse and drop below $0.078, even down to the $0.074 region.
ai16z (AI16Z)
AI16Z is currently trading around $0.26, up nearly 10% on the day. Demand for this altcoin has exploded over the past week, helping the price increase by up to 77% in the last seven days.
On the daily chart, the Chaikin Money Flow (CMF) indicator is rising and currently at 0.11 – above the threshold of 0, indicating that inflows are dominating outflows.
A positive CMF is a good signal, reflecting strong buying power and high investor confidence in AI16Z. If this trend continues, the price of AI16Z could break out to $0.42.
AI16Z price analysis | Source: TradingView
However, if market sentiment worsens and selling pressure increases, this bullish scenario will be negated, and AI16Z could plunge to $0.1.
You can check the coin price here.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should conduct thorough research before making decisions. We are not responsible for your investment decisions.