While top cryptocurrencies are stuck in a drawdown, Monero (XMR) is unexpectedly breaking ahead. Amid mass sell-offs and falling prices across the market, XMR is showing a 9% increase in a day, with trading volumes noticeably rising.
At the time of publication, Bitcoin is holding below $103,000, and most altcoins continue to decline. But against the backdrop of the general downturn, the anonymous coins sector is coming to life: Zcash is showing sharp growth, as well as Dash and Decred are also in the green.
Ranking
of the best traders
“Trades Closed From +40% Profit”
“+1,300$/Month in Profit”
“Stable 500$–600$ Withdrawals”
Monero price jumps 9% — a five-month high
Over the past day, the privacy coin has gained more than 9%, rising to levels not seen since early June.
On November 5, XMR reached $378, starting from lows at $326. Over the year, Monero has already grown by 128%. This is, of course, less than Zcash, which added an impressive 1120%, but noticeably more than Ether (36%) and Bitcoin (49%).
The latest surge began on Tuesday during the Asian session, when XMR broke through the resistance zone at $337–346, which had been holding back growth since June.
The key moment occurred on October 21. Buyers actively entered at the 50-day EMA just above $302. What looked like a regular retest turned into a full-fledged support level.
After a confident breakout of $350, growth intensified, the price soared to $378, and a wave of liquidations began on derivatives platforms. In a day, almost $391,000 in leveraged positions were closed.
Trading volume for XMR also increased by 19% and reached $265 million. The market capitalization of Monero is now $6.72 billion — this is 21st place according to CoinMarketCap.
Can Monero aim for a new high?
From a technical perspective, the daily chart signals in favor of continued growth. XMR has formed a classic top at $339 and is now fighting with the 0.786 Fibonacci level — this is the $378 zone, from where the drop started in May–August.
XMR price dynamics. Source: TradingView
If the coin confidently consolidates above, XMR may reach $400, and further — the target at the 2021 peak level around $517.
Indicators also look positive. The daily RSI is now at 64. This is close to the overbought zone, but not critical yet. There is room to move up to the threshold of 70.
MACD is also giving growth signals: the histogram remains positive and continues to expand after a bullish crossover.
The crossover of signal lines indicates a possible start of a new impulse, and if an additional catalyst appears, XMR may well break through the psychological level of $400.