Monero price made a strong bullish breakout after spending over three years in a deep consolidation between $125 and $180. The XMR token soared to a high of $217, its highest level since May 2022. It has jumped by over 97% from its lowest point this year.
Why Monero price has bounced back
Monero is a highly popular privacy coin whose transactions, unlike those of other cryptocurrencies like Bitcoin and Ethereum, cannot be tracked.
These privacy features have made it a controversial coin in the industry, which has pushed several exchanges to delist it over the years. It was delisted by popular names like Coinbase, Binance, and Kraken.
Most of Monero’s trading was happening in KuCoin, HTX, Bitfinex, Gate, MEXC, and Xt.com.
Therefore, the XMR coin is rebounding as crypto investors rotate to old-school coins after the recent success of Ripple and Stellar. The hope is that these coins will reignite the hype and continue rising in the near term.
Some analysts believe that major exchanges will decide to relist Monero after a recent court verdict about Tornado Cash. In a US ruling, three judges ruled that a US agency responsible for sanctions was not in order in sanctioning the smart contract.
Addditionally, there are rising hopes that the new Trump administration will be more friendly to the crypto industry. Trump has hinted that he will ensure friendlier regulations, which will let exchanges list more tokens, including Monero.
Meanwhile, there are signs that Monero is generating hype among crypto investors. In an X post, UB noted that the coin has not been above $183 in the last 900 days, and that a bullish breakout would get “silly.”
As shown below, one analyst believes that Monero will be the next altcoin to giga send and that it could jump to over $600 in the near term.
$XMR is going to be the next altcoin to giga send once it breaks out of this range
Heavily long here
Monero price analysis
The weekly chart shows that the XMR price has been in a tight range in the past few years. It has been left behind by other popular cryptocurrencies like Bitcoin and Tron that have soared to a record high.
Monero has now made a bullish breakout and risen above the important resistance level at $180, the highest level since 2022. This price was also the upper side of the inverse head and shoulders pattern.
It has also jumped above the 50-week and 200-week Exponemtial Moving Averages (EMA).
The Relative Strength Index (RSI) and other oscillators have all pointed upwards, a sign that momentum is returning. Therefore, the XMR token will likely continue as bulls target the immediate resistance at $250. If that happens, it will likely rise to the key resistance at $337, its highest level in August 2021.
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