Altcoins See Mixed Sentiment as Monero Extends Rally

Monero (XMR) is continuing its upward trend, trading above $397 on Thursday after finding support around the key support zone the previous day. The altcoin's derivatives metrics and technical signals are turning firmly bullish, suggesting momentum is building for a further rally.

The strengthening of these indicators and a constructive technical outlook hint at XMR's potential to extend its gains in the coming days. This positive sentiment is also reflected in other altcoins, although Ripple (XRP) and Stellar (XLM) are experiencing pressure due to cautious sentiment.

Ripple and Stellar remain under pressure as both tokens correct slightly this week. XRP nears the key $1.00 support zone on Thursday, while XLM trades below critical technical levels. Mixed derivatives and on-chain metrics suggest that these altcoins may continue to face downward pressure, leaving them vulnerable to further downside.

Bitcoin (BTC) is trading in the red on Thursday, keeping a bearish near-term bias as it holds beneath a dense cap of moving averages at $64,523, $66,718, and $73,303. Momentum indicators, such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD), are also backing this weaker tone.