Monero (XMR) is currently displaying an impressive surge in market performance, showcasing significant bullish momentum and a notable outperformance against Bitcoin. Recent technical analysis points towards a strong upward trajectory, positioning the privacy coin for potential further gains.
Surging Momentum and Market Outperformance
Monero [XMR] has recently demonstrated remarkable strength, pushing towards a three-month high of $358 amidst strong demand and prevailing bullish momentum. This resilience is particularly evident in its comparison to Bitcoin, where XMR surged by 8.7% during a period when BTC experienced a 3.48% decline. Technical indicators across various timeframes corroborate a bullish structure, suggesting that Monero is poised to challenge the critical $350-$360 supply zone.
Analyzing the Path to Higher Targets
A deeper dive into XMR's price action reveals a compelling bullish setup. On the weekly timeframe, Monero staged a powerful rebound from the $250 region, which aligned with both a fair value gap and the 78.6% Fibonacci retracement level. This recovery follows a rally to $419.85 in May, indicating a strong likelihood of retesting that high and potentially extending towards $475.2. Furthermore, the On-Balance Volume (OBV) and Relative Strength Index (RSI) both signal robust buying volume and sustained bullish momentum without showing signs of an overextended market. On the daily chart, a bullish market structure break on October 2nd, followed by a retest of the $300 imbalance, reinforces this positive outlook. The $343-$350 area, densely packed with short liquidations, is acting as a magnetic zone for price. Bulls will be keenly watching for XMR to convert the $350-$360 range into solidified support, which would pave the way for a sustained move towards $420 and even higher targets.
