TL;DR
- XMR pumped substantially in the past 24 hours and flipped popular altcoins like Hyperliquid (HYPE) and Pi Network (PI) in market cap rankings.
- Analysts predict further gains, citing technical patterns like an ascending triangle, setting targets above $450.
Resurgence at Last
The US elections in early November last year brought a lot of hope and hype in the cryptocurrency space, which sent many digital assets flying. Some, such as bitcoin, managed to break their previous all-time high. The largest cryptocurrency’s new peak now stands at $110,000, registered just over three months ago.
Others, such as Monero (XMR), registered notable gains of around 50% from early November to a February peak of $240. However, the privacy token failed to break its all-time high.
The landscape changed entirely in the past 24 hours as XMR registered a massive green candle. The price of the popular privacy coin exploded to a nearly four-year high of almost $350 before sliding to the current $307 (per CoinGecko’s data).
It is interesting to note that the asset’s market capitalization soared by approximately $2 billion in a matter of hours, and as of this writing, it stands just south of $6 billion. This makes XMR the 27th-largest cryptocurrency, flipping well-known altcoins like Hyperliquid (HYPE), Pi Network (PI), and others.
Further Rally Incoming?
From a fundamental perspective, it seems like there is no catalyst (at least as of now) for XMR’s latest price pump. However, numerous analysts pointed out certain technical indicators suggesting the coin has yet to unveil its full potential.
The X user JAVON MARKS explored XMR’s price chart over the past several years and assumed that it “looks to be headed right towards its target at the $484.44 level.”
“With this target still in play, another near +75% upside to reach it can take place,” they added.
For their part, Edward Morra said holders have been waiting for four years for this breakout, calling it “much deserved.”
“Usually, you don’t fade this type of pump coming out of multi-year accumulation bottoms (this is pico top),” the analyst stated.
Mihir chipped in, too, arguing that XMR is poised for a jump to as high as $465 based on the formation of “a giant ascending triangle.”
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