Monero Surges Past Key Support: Is a New All-Time High on the Horizon?
Monero's Market Momentum
Monero (XMR) has demonstrated a notable increase, rising by 4.2% in the last 24 hours and 11% over the past week. Despite the broader challenges faced by the privacy coin sector recently, Monero has shown resilience.
Impact of ZCash and EEC Dispute
The conflict between ZCash (ZEC) and the Electronic Coin Company (EEC) triggered an abrupt market response, resulting in ZEC's price plummeting by nearly 20% in one day before a quick recovery. This situation may have redirected capital towards Monero, a prominent privacy-focused cryptocurrency.
Resistance Levels and Future Prospects
In the 3-day timeframe, Monero has faced resistance at the $420 level since November, a peak last observed in May 2025. Recent price action has flipped this resistance into support, offering swing traders a strategic entry point. The impulse movement from $165 to $420 earlier this year outlines Fibonacci extension targets at $480 and $577. While $480 temporarily halted XMR's bullish momentum, a retest seems probable.
Technical Indicators
The technical landscape remains optimistic, with the RSI indicating strong upward momentum and the OBV signaling continued buying interest. Although a bearish reversal is possible, it appears unlikely in the short-term. Bitcoin's trajectory towards $96k and possibly beyond could further influence Monero's bullish outlook.
Trading Insights
On the 4-hour chart, the $460-$470 range has emerged as a local supply zone. Given the prevailing bullish momentum, this resistance is expected to transform into support. Traders may consider entering long positions, aiming for profit targets at $517 and $577.
Conclusion
- Monero's price has steadily increased since August, with the uptrend anticipated to persist.
- The privacy coin might soon achieve new all-time highs, despite prevailing market apprehensions.
Disclaimer: This article is for informational purposes only and does not constitute financial, investment, or trading advice.