Monero Hits $610 ATH As Veteran Trader Shares Silver-Like Setup

Monero (XMR) is main the crypto market bounce by breaking out of a macro resistance degree and breaching above the $600 barrier for the primary time. A legendary dealer has advised that the cryptocurrency is mirroring silver’s historic breakout and will see an enormous value discovery rally.

Associated Studying

Monero Soars To New Highs

On Monday, Monero outperformed the remainder of the market, surging almost 21% towards its new all-time excessive of $611.01. The privacy-focused cryptocurrency has been main the start-of-year market rally, experiencing a 43% improve over the previous seven days.

XMR’s rally has been fueled by renewed curiosity in privateness tokens and redirected liquidity towards the mission, which has pushed its market capitalization to $10 billion for the primary time.

Amid this efficiency, veteran dealer Peter Brandt drew a parallel between Monero and Silver’s long-term charts, suggesting that the cryptocurrency might be close to an enormous breakout.

In an X put up, Brandt compared Monero’s present rally to silver’s historic breakout, which led to an enormous run towards new highs. Silver noticed a multi-decade value setup through which its value accrued beneath and retested a macro ascending resistance trendline.

In accordance with the chart, its value shaped its long-term resistance throughout its 2011 peak, when it reached a barely increased ATH of $49.83 earlier than correcting. Throughout its This fall 2025 rally, silver lastly broke above this key degree, almost doubling its value towards its newest ATH of $86.23.

Equally, Monero has been forming its multi-year ascending trendline within the month-to-month timeframe since its 2017 excessive. In 2021, the cryptocurrency retested this space, additionally hitting a barely increased ATH earlier than retracing.

Now, XMR has damaged out of its ascending resistance and will see an analogous path to silver’s latest breakout into value discovery, the put up advised.

XMR to See 50% Breakout Or Breakdown Subsequent?

Market observer TraderSZ lately shared an optimistic outlook for Monero as soon as it broke by its essential resistance space and turned this degree into help. To the dealer, the cryptocurrency may attain three primary value targets if momentum continues.

Per the put up, the preliminary breakout degree may attain the $685 space, a greater than 30% rally from the resistance degree. Furthermore, it may surge between 50% and 80% towards the $790 and $900 ranges, like silver’s latest value discovery development within the month-to-month chart.

Analyst 0xMarioNawfal additionally highlighted XMR’s efficiency as “value continues to development aggressively increased, breaking by earlier resistance ranges with robust momentum and minimal pullback.”

To him, the construction stays bullish, with patrons stepping in and “no clear indicators of distribution but.” Because of this, he forecasted potential volatility however added that so long as the value holds above latest breakout ranges, the development will stay intact.

Associated Studying

Nonetheless, Ali Martinez posted a extra regarding forecast for the cryptocurrency, suggesting {that a} important correction could also be across the nook. In accordance with the chart, Monero has been forming a multi-year rising wedge sample since 2017, with the value bouncing between the higher and decrease boundaries.

Primarily based on this, XMR may doubtless fail to show the macro resistance into help and start a long-term 50% decline towards the $300 space, the place the sample’s decrease boundary is at present positioned.

As of this writing, Monero is buying and selling at $597, a 47.5% improve within the month-to-month timeframe.

Featured Picture from Unsplash.com, Chart from TradingView.com