Key Highlights:
- XMR is following a bullish macro pattern seen before its last all-time high.
- Analyst SolbergInvest sees $580 as the first primary target in 2025.
- Monero’s upgrade and growing adoption strengthen its long-term position.
Monero (XMR) catches traders’ eyes as a strong bullish pattern hints at a significant price move. Analysts suggest this could mark the beginning of a long-term breakout.
Monero price has gained momentum as open interest rises, signaling strong market confidence. The price structure confirms a trend continuation, hinting at a potential new yearly high.
Technical Setup Suggests Macro Breakout for XMR is Underway
Monero price surged to overcome its years-long resistance at $180 and $200 when analyzed weekly. The long-standing resistance zone kept prices locked in a multi-year consolidation range.
Its recent breakout has set a new market direction. A comparable price built in 2020 predicted the previous peak of XMR before it set this latest pattern.
Technical indicators show a symmetrical triangle Buy pattern, which generated an upward solution. During late 2023 and early 2024, the market consistently formed higher tops in an upward trend.
This pattern highlighted increasing pressure and strengthening momentum. Monero price has been climbing steadily after breaking key resistance levels. Growing trading volume and heightened market interest continue to fuel its upward momentum.
Analyst SolbergInvest has pointed to this structure as a repeat of Monero’s earlier breakout that led to a strong rally. According to the analyst, the market looks strong and repeats the pattern from last time. “I think we’ll see a new all-time high in 2025, with my first target at $580.”He stated.
Daily Chart Reflects Strong Short-Term Momentum
On the 1-day XMR/USDT chart, XMR traded around $282.54 after a strong breakout from a recent consolidation zone.
Bollinger Bands show the Monero price nearing the upper band at $301.48, indicating strong momentum. However, this also places Monero near overbought territory in the short term.
Relative Strength Index (RSI) and Money Flow Index (MFI) currently show 76.22 and 75.89, respectively. Current overbought conditions in both indicators extend support for ongoing buyer activity because they maintain values above 70.
When these two indicators align, they confirm strong trend potential in the market. However, they also signal possible consolidation or short-term pullbacks before further upward movement.
The middle Bollinger Band near $247.23 is a potential support level if the XMR price retraces. Resistance remains near the psychological level of $300 to $305. Despite some short-term caution, the structure remains bullish unless key support zones break.
Derivatives Market Shows Rising Interest
Monero’s derivatives market indicates rising bullish sentiment about the cryptocurrency. New statistics show XMR perpetual contracts experienced a daily 10.59% surge in open interest.
This resulted in a total value of $31.8 Million. Market participant numbers have grown as traders create trading positions with future price shifts in mind.
Open interest data is allocated across different major cryptocurrency marketplaces. The open interest data shows Bybit at $15.2 Million as the leader before Binance, which is $12.8 Million.
Three cryptocurrency platforms, Krake, Bitfinex, and dYdX, maintain lower trading volumes than major platforms. Major exchanges that concentrate trading positions create evidence of robust active market participant participation.
When open interest rises as Monero price breaks out, it signals strong trend development. This pattern provides evidence of growing market confidence.
Data suggests bearish traders are opening new positions instead of closing trades. Rather than reacting to small corrections, they remain active in the market.
Long-Term Adoption and Development Support Trend
Monero’s ongoing development of its technology serves alongside an expanding ecosystem despite technical signals. FCMP++ represents a forthcoming substantial update that will go live in 2025.
The upcoming network upgrade will improve Monero’s overall system efficiency. It also reinforces Monero’s dedication to privacy and decentralized technology.
The growing adoption of XMR allows users to conduct private transactions securely. The network is attracting more participants in e-commerce and peer-to-peer markets.
Its strong privacy features set it apart from other cryptocurrencies. Monero’s resistance to surveillance enhances its unique value in the market.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
