Monero up 8.7%, Bitcoin down 3.48% – Can XMR keep outperforming BTC?
Key Takeaways
Why is the $350 degree so vital for Monero?
This degree has acted as resistance since mid-July. The liquidation ranges clustered round it made it a sturdy magnetic zone for costs to gravitate to.
What’s Monero’s worth momentum like?
In comparison with Bitcoin, Monero has had a very sturdy week. This relative power was corroborated by technical indicators throughout totally different timeframes.
Monero [XMR] was pushing towards a three-month excessive at $358. The privateness token has witnessed sturdy demand and bullish momentum in current weeks.
AMBCrypto’s technical evaluation confirmed a bullish construction throughout a number of timeframes.
It was extremely possible that the altcoin would quickly problem the $350-$360 provide zone. The current market-wide pullback that got here proper after Bitcoin [BTC] made a brand new all-time excessive earlier this week didn’t have an effect on XMR.
Bitcoin was down 3.48% since Monday’s excessive, whereas Monero was up 8.7% in the identical interval. Will this short-term outperformance provoke a long-term rally?
Monero is setting itself up for one more upward transfer
Supply: XMR/USDT on TradingView
On the weekly timeframe, XMR has rebounded strongly after falling to the truthful worth hole, or imbalance, on the $250 area. This retracement got here after the token rallied to the 2025 excessive at $419.85 in Could.
The retracement noticed a bullish response from the imbalance, in addition to the 78.6% Fibonacci retracement degree at $235.46.
Subsequently, it was extremely prone to proceed to the $419 excessive and probably to the 23.6% extension at $475.2.
The OBV has been trending larger to indicate notable shopping for quantity throughout the rally of 2025. Equally, the RSI additionally signaled bullish momentum. Neither indicator hinted at overextended market circumstances on this timeframe.
Supply: XMR/USDT on TradingView
On the 1-day chart, a bullish market construction break got here on the 2nd of October. After this break, the worth revisited the imbalance at $300 that was left behind throughout the rally that introduced the construction break.
The technical indicators continued to stipulate a bullish bias.
From the 1-week to 3-month lookback intervals, the liquidation heatmaps confirmed that the $343-$350 area was full of brief liquidations.
The density of this liquidity pocket meant that it was extremely possible that XMR would go to the $350 degree once more.
Quick liquidations may gasoline an XMR transfer to $360 or larger. Bulls would wish to see this degree flipped to help on the every day timeframe, making the transfer to $420 and better extra possible.
Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different kinds of recommendation and is solely the author’s opinion
