Monero (XMR) is moving as expected from earlier analysis levels and is up by over 200% from previous levels. Price saw a strong rejection but managed to test its ascending trendline before bouncing back. The bullish analysis was validated as soon as XMR broke above the $365 resistance with a strong close.
Source: X
The focus is now on the general Elliott Wave, with opinions ranging from whether this is a strong Wave 3 or an extended Wave 5. Targets for upside are seen at $1,200 levels, with the potential to reach $2,000. But a descending diagonal resistance may cap any upside at levels below $2,000.
Also Read: Monero (XMR) Hits New All-Time High of $694.41
Monero (XMR) Fuels Bull Case With $4,200 in Focus
Moreover, another crypto analyst, Crypto Guru, pointed out that Monero (XMR) is once again making headlines in the market as long-term investors continue to feel optimistic about its future potential. Monero is believed to be one of a kind in the digital currency space, with a network that is capable of providing extraordinary returns in the long run.
Source: X
Some optimistic forecasts being presented in the crypto community are that, in optimum market conditions, XMR may reach valuation levels that are purely speculative, ranging from $42,000 per unit. Although these forecasts are purely speculative, they show that there is great conviction in the asset, given that Monero is a rare asset that is protected from censorship in a dynamic financial environment.
XMR Weekly Chart Suggests Strong Breakout
On the XMR weekly chart, price clearly broke out above the psychological region of $500, further extending a strong multi-month bullish trend. All key EMAs (20, 50, 100, 200) are fully bullish and ascending. Price is well above the dynamic support level, which indicates that buyers are fully in control.
Source: TradingView
The momentum indicators are bullish. The RSI is close to 77. This is due to strong momentum but also indicates that there may be a risk of overextension. Nevertheless, there is as yet no bear divergence. So long as XMR is above the $420-$450 EMA range, there is a positive trend.
Also Read: Monero (XMR) Poised for Explosive 8-Year Breakout Above $500
