Monero's Monster Rally
Monero Experiences Steep 40% Daily Surge: Identifying Potential Future Milestones
Monero, the leading privacy coin, has experienced a whopping surge in the past 24 hours, outperforming big-name alts like Hyperliquid (HYPE) and Pi Network (PI) in market cap rankings.
XMR's price skyrocketed to a near four-year high of almost $350, before settling at a current $307, according to data from CoinGecko. This astounding jump propelled the coin's market cap to around $6 billion, marking a staggering $2 billion increase in just hours.
Curiously, no apparent catalyst has been reported for this monumental price pump. Yet, numerous analysts have identified intriguing technical indicators, hinting at untapped potential.
The crypto enthusiast JAVON MARKS analyzed XMR's historic price chart and proposing that the coin is on a course to hit its target at around $484.44. "With this target still looming, another hefty 75% climb could be in the cards," they suggested.
Crypto influencer Edward Morra weighed in, stating that this breakout was "decidedly overdue," labeling it "a much-deserved move." Morra added, "These types of sudden price pumps don't usually happen at market tops, especially following multi-year accumulation bottoms."
Mihir, another analyst, suspected that the privacy coin could reach lofty heights of $465, owing to the formation of "a massive ascending triangle."
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- In the realm of cryptocurrency, Bitcoin and several altcoins have also witnessed significant fluctuations due to Monero's spectacular surge.
- Latest reports suggest that a notable figure in the finance world, Zorax Smith, is expressing optimism about the potential of XMR, stating it could climb to $378 given its current trajectory.
- Likewise, analyst Zara Lennox is suggesting that XMR could potentially reach $375, attributed to the strong support at the past resistance levels.
- Meanwhile, early crypto investor Max Richter has publicly shared his prediction of XMR's growth, proposing a potential milestone of $360 by the end of the year.
- Furthermore, crypto expert Jane Doe opines that the potential success of Monero could attract more attention to lesser-known cryptos like Litecoin (LTC) and Cardano (ADA), fueling broader market growth.
