XMR Price Reaches $500 for the First Time Since 2021 After Zcash Falls

Monero (XMR) surged past the $500 mark, briefly touching $500.66, marking its highest level since May 2021. This rally occurred as its privacy coin rival, Zcash (ZEC), experienced significant turmoil following the mass resignation of the Electric Coin Company team due to internal disputes over governance and assets, causing ZEC's price to drop sharply. Monero also benefited from positive institutional commentary from firms like Grayscale and Coinbase, which highlighted privacy coins as a key growth area. However, technical analysis suggests XMR faces a critical resistance zone between $500 and $520; historical patterns indicate that failed breakouts from this level have previously led to sharp corrections of 40% to 95%. A sustained break above $520 could invalidate this bearish fractal and potentially propel XMR toward $775 and a new all-time high.

(Source：Cointelegraph)