Monero Surges 20% as Privacy Coin Rotation Intensifies
Monero (XMR) surged 20% in a week, driven by profit rotation from Zcash, a major technical breakout, and anticipation of a network upgrade.Summary
Privacy-focused cryptocurrency Monero (XMR) experienced a significant rally, climbing about 20% from $352 to a high near $433 over the past week. This surge followed explosive gains in Zcash, suggesting a profit rotation among privacy coins, which was confirmed by increased social media interest in the sector.
Technically, the rally was amplified by a short squeeze, liquidating approximately $12 million in bearish positions on exchanges like Bybit and Binance. Furthermore, XMR/USD completed a massive multi-year "cup and handle" pattern, leading some analysts to project a target of at least $1,000. Fundamental support comes from the upcoming Full-Chain Membership Proofs (FCMP++) upgrade in 2025, which promises enhanced speed and privacy.
Despite regulatory delistings, demand for Monero's anonymity is re-emerging, with increased trading volume on decentralized exchanges. The next key resistance level is between $500 and $520, a break above which could challenge its 2021 all-time high.
(Source：BeInCrypto)