Contrary to the broader bullish sentiment, Doctor Profit cautioned that XMR may face a sharp downturn.
While many leading cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), remain in red territory on a weekly basis, the privacy coins Monero (XMR), Venice Token (VVV), and PHALA (PHA) have posted substantial increases.
Here’s what could trigger further rallies and their next potential targets.
XMR’s Potential
The asset’s price recently soared above $620 before retracing to the current $598. Ali Martinez was among the many analysts commenting on XMR after its pump, saying it appears to be pressing against the ascending triangle resistance on the hourly chart. He believes that an hourly close above $602 would confirm the breakout and set the stage for a jump toward $630.
FOUR | Crypto Spaces noted that XMR “went from boring sideways action to a proper breakout attempt.” The X user argued that the trendline that kept pushing the valuation down has finally broken, and buyers’ next challenge is to hold above the breakout zone around $540. If they defend it, this could open the door to a move up to $675, they predicted.
Crypto Rover and veteran trader Peter Brandt also chipped in. The former claimed the privacy coin is on the verge of a massive three-year breakout and expects a strong rally soon. For his part, Brandt said XMR’s recent chart structure reminds him of silver before it exploded to nearly $125 at the start of the year.
However, not all are so bullish. Doctor Profit noted that the asset’s open interest has hit a historic high and warned that the last time XMR’s OI jumped this much, the price crashed 66% in just 20 days.
VVV and PHA
Venice Token has soared roughly 12% over the past week and is currently trading around $25.70. It boasts a market capitalization of more than $1.25 billion, making it the 71st-biggest cryptocurrency.
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According to Martinez, VVV recently consolidated inside a channel on the four-hour chart. He suggested that a sustained close above $25 would signal a break from that range and send the price to $27 or even $29.
Not long ago, nordin.eth claimed VVV is “getting squeezed” near long-term support and described the $21.50-$22 zone as the level bulls need to defend. The analyst sees $25.50 as the first hurdle for a more substantial increase, with the next target at $30.77.
“One clean breakout and the chart starts looking very different. Bears better hope that resistance holds,” he added.
Martinez also turned his attention to PHALA (PHA), a relatively under-the-radar privacy coin that has gained approximately 5% over the past week and is currently trading at about $0.056.
Several hours ago, it surged past $0.06, with the analyst claiming that a 30-minute sustained close above $0.066 could result in a further rally toward $0.073. As mentioned, though, the price headed south instead.
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