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Monero defies crypto market slump with 10% XMR price rally — what's next?

Published 04/10/2022, 05:05 AM
Updated 04/10/2022, 06:40 AM
Monero defies crypto market slump with 10% XMR price rally  — what's next?

Monero defies crypto market slump with 10% XMR price rally — what's next?

Privacy-focused cryptocurrency Monero (XMR) rallied by nearly 9.5% in the past week compared with the crypto market's decline of 8.5% in the same period. What's more, the XMR/USD pair has broken above a strong, multi-month resistance trendline, hinting at more upside ahead.

XMR's price was down by a modest 0.87% on April 10 from its two-month-high of $245 established a day before. However, the cryptocurrency still outperformed its top rivals, including Bitcoin (BTC) and Ether (ETH), on a weekly timeframe.

XMR market cap since February. Source: CoinMarketCap
XMR/USD weekly price chart featuring 'bull flag' breakout. Source: TradingView
XMR/USD daily price chart featuring cup-and-handle pattern. Source: Don Yakka/TradingView

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