Moon Shot Ahead for Monero (XMR)? Breaking Barriers and Soaring to New Heights
Potential Surge of Monero: Can a 82% Increase within 40 Days Propel XMR Towards $489?
Hey there! Let's talk Monero (XMR) - the digital coin that's been rallying like a rocket since April 7, up a whopping 82%. And if you thought it couldn't get any better, think again.
The seemingly unbreakable resistance at $542 is just 60% higher, making a brand new all-time high this year a possibility. But that ain't all, partner. Let's take a closer look at the charts and see what this cryptocurrency is capable of.
XMR's Bullish Path Forward
Source: XMR/USDT on TradingView
Last December, Monero broke free from a multi-year consolidation, with the once fearsome $183 resistance level getting flipped to support like a boss. Since then, it's been tested multiple times, but the goodtimes just kept rollin'.
Now, let's talk Fibonacci retracement levels. Based on the dips that occurred in 2021-22, the 61.8% level sits at $246 like a friendly pitstop. While it acted as resistance early this year, a breakout wasn't on the cards. But lucky for us, the rally in May has changed all that!
Source: XMR/USDT on TradingView
Now, let's move on to the 1-day chart. Monero's bullish tendencies are still going strong. The Chaikin Money Flow (CMF), which shows heavy capital inflows, is hittin' +0.12. The trading volume has also picked up like crazy, as indicated by the rising 20-period moving average for the volume bars. And get this - the Moving Force Indicator (MFI) doesn't show any signs of an overextended market yet. So, buckle up - we might see XMR rise even higher!
But wait, there's more! Since April 9, Bitcoin (BTC) has been chillin' in a short-term range. During this time, Monero has managed to pump up a solid 13.7%. And let me tell ya, that's no small feat, especially when compared to Ethereum (ETH). This relative strength against BTC and ETH is another signs of bullish strength that can't be ignored.
Now, holders might be waiting for a move to $400 and $500 to cash in on even more profits. But remember, past performance isn't a guarantee of future results. Always do your own research and make informed decisions!
Gearing Up for a New All-Time High
If all these signs still ain't enough, keep in mind that Monero's 1-week chart paints an incredibly bullish picture. While it might be a little too late for the FOMO, it seems like XMR is set up to smash its all-time high.
In the coming weeks, keep an eye on those Fibonacci extension levels at $396.8 and $489.5. Those are the next targets on XMR's path to infinity, or at least a new all-time high.
As always, this article is for informational purposes only and not financial advice. Always do your own research and never invest more than you're willing to lose!
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer's opinion
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- The bullish trajectory of Monero (XMR) has been remarkable, climbing 82% since April 7, reaching a potential new all-time high this year.
- The 61.8% Fibonacci retracement level, currently at $246, may act as a temporary rest point for XMR, but a breakout seems imminent given the strong rally in May.
- Bitcoin (BTC) and Ethereum (ETH) are playing secondary roles as Monero continues its advance, with XMR showing significant relative strength against both cryptocurrencies.
- The overall technological landscape of finance and investing is ripe for disruptive performances from innovative cryptocurrencies like Monero, making it an exciting time for crypto enthusiasts and tech-focused investors.
