The post Decoding Monero’s 32% rally: Will XMR target $571 or… appeared on BitcoinEthereumNews.com.
Monero [XMR] rose 7.68% in the past 24 hours, and according to CoinMarketCap data, the daily trading volume witnessed a 26% increase on the 12th of September. A weekend Volume increase could help XMR maintain momentum if demand remained steady. Since the day’s open at $78,338 on the 22nd of August, Bitcoin [BTC] was down 1.42% to $77,225 at the time of writing. It has spent the majority of the past three weeks trapped below the $80k resistance but holding on above the $77k support. In the same three weeks, Monero had rallied by 32.2%. The privacy coin saw a retracement from the $550 supply zone over the past week, but the past 48 hours’ gains meant that XMR bulls were knocking on the $550 resistance once again. Monero ready to challenge the January highs once more Source: XMR/USDT on TradingView On the weekly timeframe, Monero has a bullish structure. The rally in 2025 set a new high at $571, while the $261 low that the move originated from was not breached. When XMR challenged July’s $409 swing high, bulls cleared the level within two weeks. The move then extended close to $571, reflecting strong higher-timeframe demand. Swing traders and investors may need to respect that broader structure. However, Bitcoin’s weakness adds another test. Could XMR sustain this push without Bitcoin reclaiming $80,000? What Monero’s price action could be for the rest of September Source: XMR/USDT on TradingView On the daily timeframe, a bearish momentum divergence between the price and the RSI was highlighted (white). This divergence led to three consecutive red trading days and a retest of the $480-$500 local demand zone (cyan). At the time of writing, the daily CMF was +0.05, the Stochastic RSI was recovering from oversold territory, and the RSI’s 66 reading signaled bullish strength.…
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