Monero has grabbed the spotlight just as privacy coins take off, challenging narratives after Dash and ZCash set new highs. While the overall crypto market dropped over 4%, XMR surged, defying the market trend. Wondering what led to such an event? A perfect storm of events fueled this rise, the first being bullish chart signals, and secondly, renewed interest in privacy-focused assets. And the third being spillover demand after ZCash’s market cap leapfrogged Monero for the first time ever.
Traders moved in as Monero bounced from the $339 mark, triggering buy orders that capitalized on sector-wide momentum. Despite ZEC’s short-term win, Monero remains the go-to coin for diehard privacy fans. Stability in network fundamentals, like unwavering hashrate and rising shielded transactions, helped cement confidence in XMR. The big question now: Is Monero poised to match, or even outshine, recent rallies seen in its rivals?
Monero price has shown impressive resilience on the charts. After slipping toward $339, XMR quickly bounced off the 23.6% Fibonacci level and its 7-day SMA. At $346.56, Monero now sits up 3.48% in the last 24 hours and 0.96% across the week, with a total market cap of $6.39 billion and trading volumes soaring over 38% to $230.96 million.
Digging deep into technicals, the short-term momentum remains neutral-to-bullish. The RSI sits at 59.7, suggesting neither overheated conditions nor bearish exhaustion. I see the positive MACD histogram, reading +1.53, as a further sign of upward pressure. Price action hovers close to the critical pivot point at $342.77.
Consequently, if XMR closes above this pivot, a move toward the $361 resistance is likely. Beyond this, $380 stands as the next major technical target. Strong volume above $226 million will be crucial to confirm any breakout. Contrarily, holding $339 is vital for bulls. If this support fails, sellers may aim for $320.
Bollinger bands tell a story of consolidation, with price currently near the middle band. The risk of a sharp correction remains low as long as XMR remains above its 7-day moving average and buys persist at key technical zones.
Surging demand for privacy coins and technical momentum lifted XMR, especially after it reclaimed the $339 support on strong volume while ZCash and Dash rallied.
While ZCash briefly overtook Monero’s market cap, XMR remains highly regarded by privacy supporters.
Watch for a close above $342.77 to confirm a run toward $361 and $380. The $339 mark acts as a critical support.
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