Monero (XMR) Poised for Explosive 8-Year Breakout Above $500

Unlike many other cryptocurrencies, Monero (XMR) has waited much longer than most before attempting to break into new highs after reaching its peak during the $475-$520 resistance zone.

XMR has also made significant advancements over the last year. In January 2021, the price was at the lowest point it had been since September 2020, when it touched $535. The price has since moved into the $550-$650 Range on average.

Also Read: Monero (XMR) Holds Above $460 Support While Market Eyes $500 Breakout

Monero Stands at Edge of History

Since reaching the peak of $542.33 per coin on January 9, 2018, XMR was trapped in a long period of consolidation which occurred over the last eight years, and it now appears that XMR is on the verge of significant price movement in the very near future due to the currently building momentum and the amount of historical resistance at and below the November 2017 peak and the August 2021 double top.

Both long-term investors and short-term traders will have to react to any upcoming breakout and, with the lack of historical resistance above the $542.33 price point as well as the lack of historical patterns to evaluate the future price movement of XMR, there is no guaranteed profit available from this particular aisle; only pure speculation will determine the direction that XMR will take from this point forward.

Monero Gains as Rivals Stumble

A close of over $520 at the end of this month will have confirmed the breakout; if this occurs, XMR will be in a price zone that has experienced no previous resistance, leading to changed sentiment throughout the remainder of the crypto industry.

The background for this shift in attitude is important. At the start of 2018, Zcash was the star breakout of the privacy-focused blockchain community, experiencing an increase of approximately 750% within a very short period. However, as the Electric Coin Company’s management team was forced out of the company because of controversy over misgovernance, this bullish trend came to an end.

While Zcash is faced with internal turmoil, XMR remains stable. There has been no turmoil in leadership associated with the cryptocurrency, no dramatic changes in business focus, and its chart continues to rise steadily.

Also Read: Monero Builds Breakout Structure With XMR Eyeing $750 and Beyond