Monero (XMR) has surged to a new all-time high near $690, approaching the $700 milestone amid growing investor enthusiasm. Elevated social media hype and overbought technical indicators, such as the Money Flow Index, suggest that the rally may be overheating and signal a looming price correction. While privacy remains a valued feature driving demand, lagging developer activity and rising profit-taking pressure point to potential downside risks toward $600 or lower unless buying momentum resumes strongly.

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