Monero’s Bullish Breakout: Here’s Why XMR Is Surging Right Now

Monero Explodes 19% in a Day: Why XMR Is Stealing the Crypto Spotlight

With a powerful rally that has sparked bullish sentiment all over the crypto market, Monero has done last and captured the limelight. The sudden spike in its price has brought in a great amount of speculation; however, the main question still lingers: is XMR able to keep this momentum going and get even stronger from here?

Why Monero (XMR) Is Surging

Monero has reached a new all-time high close to $685, with a 24-hour gain of 19%, and the weekly rise is already over 46%. This price hike indicates a clear change in the investment trend from low-profile coins to the privacy ones, as the uncertainty around the latter's projects is growing.

The current changing of investors' confidence is so quick that it even follows the departure of key developers from Zcash and is now pointing to Monero. Being the largest and most reliable privacy coin, XMR is thus enjoying the benefits of having the network stability, good fundamentals, and the ever-growing demand for financial privacy.

XMR Price Action Signals Strong Bullish Control

Followed by the technical aspects, the altcoin has performed a textbook bullish comeback. The price was reversed sharply from the support area of $420, upwards by more than 55%, thus bringing about the confirmation that the buyers are really in power.

XMR has broken out of the rounding bottom on the weekly chart, changing the $430 level into a strong demand zone. This move will enhance the long-term structure and allow for even more uptrends in the future.

Technical Indicators Support the Monero Uptrend

Monero is trading quite comfortably above the 50-day and 200-day SMAs, which confirms a strong macro uptrend. The momentum indicators are very clearly favoring the bulls as the RSI is above 85, which is interpreted as very strong purchasing pressure instead of an immediate weakness on the market, while a bullish MACD crossover that confirms increasing trend strength also supports the bullish case.

Monero Price Prediction: Key Levels to Watch

As per the tweet, The psychological $700 level and the upper wedge resistance are looking ahead as the next major obstacles. There, some short-term profit-taking could occur, but the overall trend remains unchanged.

In case the bullish momentum continues, the token might aim for the $800 area, which is in line with the next Fibonacci extension and indicates around 17-18% more upside from current levels.

On the downside, there is a robust support zone from $520 to $550, where the 0.236 Fibonacci retracement is located. If this area is held, the bullish structure would be maintained.

Market Context: XMR Outperforms While Crypto Stalls

Despite general market weakness, Monero’s price rally is clearly visible. The Bitcoin price is just about $92,000, and Ethereum is in the bracket of $3,100; nevertheless, the momentum of the total market remains uneven.

Despite that, XMR has raised its market value to over $12.5 billion, a clear indication of growing investor confidence, for the first time. Peter Brandt, the well-known trader, has even likened Monero’s long-term setup to silver’s historic breakout patterns, thus, it is giving rise to the possibility of significant upside.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before investing.