About Monero [XMR] ‘Under the Radar’ July Performance and What’s Next

Monero [XMR] One of the few crypto assets to take full advantage of the bullish pullback in July. Seeing its price rise from $118 to $154, July saw the altcoin gain 30%.

According to data from mood, while the rest of the cryptocurrency market took a beating in the hands of bears in June, XMR has gradually gained more than 41% since the middle of the month. Also, on Aug. 5, on-chain data showed a massive surge in cryptocurrency sentiment, the highest level since May 21.

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

Monero etc.

Noting a 30% gain in July, XMR is not far behind after Bitcoin appreciated over 18% and Ethereum gained 54%. During this period, the cryptocurrency’s price rose to a high of $162 on July 28 before closing at an index price of $154.

In 31 days, alt’s market cap rose from $2.08 billion to $2.85 billion — a 37% increase. Rising steadily throughout the month, XMR’s trading volume also increased by 115%.

Source: Santiment

The price of XMR has edged up 2% so far this month. At press time, the altcoin was trading at $160.66 — down 1% over the past 24 hours. During the same period, alt volume was $83,801,108, down 24%.

On the daily chart, XMR has been consolidating within a tight range for the past few days. At press time, higher buying pressure was found. Also, the Relative Strength Index is in an uptrend at 62.20, while its Money Flow Index is reading at 64.19.

Source: Transaction Activity

On-chain performance

According to data from Santiment, whales started taking profits in July as the price of XMR rose. In 31 days, the supply of XMR tokens held by whales dropped by 3%. Since the beginning of the month, the figure has fallen by a further 0.11%.

Interestingly, despite the impressive price growth in July, XMR failed to make any significant strides in the social space. Its social dominance fell 53% last month. Its social volume also dropped by 30%.

Source: Santiment

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