- Monero (XMR) breaks a multi-month resistance level and turns it into support as it targets a 2024 high in a run that could mark a more than 50% upsurge.
- A successful breach of the $231 level could see XMR advancing towards the $310 level, but failure to keep the momentum could see a decline to $180.
Monero (XMR) traded in green on Tuesday, January 14, after printing an appreciable surge of 4.9% on its 24-hour price chart.
On the 1-hour chart, XMR has shown signs of rebound with a marginal surge of 0.93% while extending its 90-day gains to 33.61% to trade at $206. Fascinatingly, its daily trading volume signals a growing interest as $77.84 million worth of the asset moves around the market. Comparing this to the previous trading session, there has been a 19.3% surge, supporting the current trend that has positioned XMR to a valuation of $3.8 billion.
The current price level could be a major milestone as XMR persistently failed to breach the $180 resistance level since June 2022. This point remained intact even after the asset broke a descending trend line in June 2024.
It is important to note that demand for XMR significantly declined following its delisting by Binance in early 2024, per a CNF report. Pushing above these headwinds, XMR finally went past this resistance level in December 2024 to secure a new all-time high, turning the $180 into support. Currently, the next target is reported to be $310, which is more than a 50% increase from the current level.
Delving into the Monero’s (XMR) Price Analysis
XMR’s pair with Bitcoin is an interesting challenge as the 0.004 BTC level has remained in shape since 2021. Analysts believe that breaking above this level could see XMR surging by 80%. Another move to the 0.058 BTC level could also be a 170% upsurge.
XMR’s market metrics currently underscore the incredible strength and resilience of bulls, who held their position above $190 to seize control from bears. This is evident in the Relative Strength Index (RSI) reading of 58. According to our analysts, this represents a bullish momentum and a decisive move above the neutral zone of 50.
The Moving Average Convergence Divergence (MACD) also shows a similar trend. Meanwhile, the Coinglass’s XMR long-to-short ratio indicates its highest reading in over a month with 1.20. It is important to note that a reading above 1 is usually associated with bullish sentiments as more traders bet for a price surge.
According to analysts, a continuation of this trend could see Monero retesting its 2024 high of $231. As earlier mentioned by CNF in a report, XMR could join HBAR and XRP to make a bullish mark in the upcoming weeks. However, failure to do so could see the asset declining to $180.79 and subsequently to the $167 recorded on December 20.
Monero’s current sentiment reflects a strong reaction to the recent integration into Keystone Hardware Wallet. In August 2024, it also initiated a new privacy feature integration Full-Chain Membership Proofs (FCMP++). This partially makes XRM more attractive to users who pay more attention to privacy and security. According to the report, the integration removes risks and increases the anonymity set from 16 to 100,000,000. Regardless of these rare provisions, Forbes highlights XMR and other cryptos as Zombie tokens, as earlier reported by CNF.
Credit: Source link
