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Monero Surges Past $500
Monero’s price has surpassed the $500 mark — the first time since its all‑time high in May 2021 — briefly reaching around $500.66 after climbing roughly 6% in a day and about 20% over the past week. This places XMR close to its historic peak near $517.50.
Why the Rally Is Happening
• Privacy coin rotation: Traders appear to be favoring Monero amid uncertainty at rival Zcash, leading to relative strength for XMR.
• Rival turmoil: Zcash’s development team at Electric Coin Company (ECC) experienced a mass resignation, exposing deep governance disputes that have weighed on ZEC’s price (with ZEC down sharply in the same window).
• Institutional commentary: Firms such as Grayscale and Coinbase have highlighted privacy‑focused assets as a key theme in the evolving crypto landscape, boosting interest.
Crucial Technical Considerations
• Resistance zone: Analysts note that $500–$520 is key resistance. XMR has historically failed at this level multiple times, often followed by sizable corrections.
• Correction risk: If Monero cannot decisively hold above this zone, prior patterns have shown declines toward trendline support levels (e.g., $200–$270).
• Breakout scenario: A sustained move above the $500–$520 range could invalidate bearish fractals and open a path toward higher targets like ~$775.
Zcash Divergence
• ZEC is under pressure: Zcash has lagged amid leadership turmoil, with significant price weakness relative to Monero during this episode.
• This divergence has drawn traders toward Monero as the more stable, privacy‑focused alternative in recent price action.
Summary:
Monero’s price has surpassed the $500 mark — the first time since its all‑time high in May 2021 — briefly reaching around $500.66 after climbing roughly 6% in a day and about 20% over the past week. This places XMR close to its historic peak near $517.50.
Why the Rally Is Happening
• Privacy coin rotation: Traders appear to be favoring Monero amid uncertainty at rival Zcash, leading to relative strength for XMR.
• Rival turmoil: Zcash’s development team at Electric Coin Company (ECC) experienced a mass resignation, exposing deep governance disputes that have weighed on ZEC’s price (with ZEC down sharply in the same window).
• Institutional commentary: Firms such as Grayscale and Coinbase have highlighted privacy‑focused assets as a key theme in the evolving crypto landscape, boosting interest.
Crucial Technical Considerations
• Resistance zone: Analysts note that $500–$520 is key resistance. XMR has historically failed at this level multiple times, often followed by sizable corrections.
• Correction risk: If Monero cannot decisively hold above this zone, prior patterns have shown declines toward trendline support levels (e.g., $200–$270).
• Breakout scenario: A sustained move above the $500–$520 range could invalidate bearish fractals and open a path toward higher targets like ~$775.
Zcash Divergence
• ZEC is under pressure: Zcash has lagged amid leadership turmoil, with significant price weakness relative to Monero during this episode.
• This divergence has drawn traders toward Monero as the more stable, privacy‑focused alternative in recent price action.
Summary:
- Monero’s XMR has reached ~$500, its highest since 2021, amid renewed demand for privacy coins.
- The rally contrasts with Zcash’s struggles tied to governance issues, driving relative strength for XMR.
- Key resistance near $500–$520 will determine whether this breakout leads to further gains or a pullback.