Monero's Price Surges 24%, Raising Questions About Buying Opportunities for This Cryptocurrency
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In a stunning 24-hour performance, Monero's (XMR) price has soared 24%, trading at an impressive $303 as of 3:40 a.m. EST, with a whopping 364% increase in trading volume to $251 million.
The unbelievable price hike follows a super-suspicious Bitcoin (BTC) transaction involving a whopping 3,520 BTC ($330.7 million) being moved to a shady address and subsequently laundered through several exchanges, ultimately converted into Monero (XMR) [1][5]. according to an on-chain sleuth, @zachxbt, the funds were likely stolen and quickly converted to Monero, causing the recent XMR spike [1]. We'll keep tabs on the situation and share any new insights we gather. Check out this intriguing tweet thread: [Twitter Link]
The enormous activity triggered a 50% gains in XMR, largely due to the massive size of the swaps and the thin liquidity on the conversion platforms [5].
Monero's Pulse: Bullish Breakout and Beyond?
The 1-day Monero (XMR/USDT) chart showcases a beastly bullish breakout, following a prolonged period of sideways trading. For quite a while, the price bounced about in a tight range, with a steady support zone near $190 and a stiff resistance zone between $230 to $240.
During this phase, the market absorbed liquidity beneath (sell-side liquidity) and above (buy-side liquidity) the range, creating a powder keg for a potential massive move. Eventually, Monero shifted its market structure (MS) from bearish to bullish, as the price breached the well-established resistance zone, resulting in a wild and aggressive bullish breakout [5].
Post breakout, Monero exploded vertically, peaking at around $357.95 before settling at its current level of $296.17. This massive breakout candle, with barely a trace of an upper wick, demonstrates strong buying pressure and minimal selling resistance.
RSI: Overbought, But Super Powerful!
The current RSI reading sits at 85.46. Generally, an RSI reading above 70 signals overbought conditions, with readings above 85 often hinting at an imminent pullback or brief cooling period. However, the high RSI value also reflects the exceptional momentum supporting the current rally [5].
Key technical levels for Monero include the former resistance zone between $230 to $240, which may flip into a new support zone if Monero retraces, and the order block marked around $210-$220, where substantial buying activity likely took place before the breakout [5]. If Monero revisits this area, it could offer a tremendous entry point for bulls looking to join the bandwagon.
Though the immediate momentum remains bullish, investors should exercise caution with a possible pullback on the horizon due to the extreme RSI levels. As long as Monero holds above $230-$240, the medium-term outlook remains positive, with testing the recent high around $357 or even moving higher being a real possibility after a well-deserved consolidation [5].
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References:[1] Twitter - ZachXBT, April 28, 2025 - [Link][2] The Block - Privacy-focused monero rallies after suspicions of large bitcoin theft, April 28, 2025 - [Link][3] The Next Web - Monero soars after $330 million Bitcoin theft mystery, April 28, 2025 - [Link][4] CoinMarketCap - Monero (XMR) Price, April 28, 2025 - [Link][5] CoinDesk - Monero Jumps as Price Breaks Above $300 on Heightened Volatility, April 28, 2025 - [Link]
- The strong buying pressure in Monero (XMR) has resulted in a bullish breakout, with the price currently trading at $296.17, up 24% in the last 24 hours.
- The recent surge in XMR transactions and trading volume emphasizes a 364% increase, with the total volume currently standing at $251 million.
- The substantial gains in XMR, particularly the 50% increase due to a large Bitcoin transaction, suggest a promising environment for finance enthusiasts and investors interested in the technology sector.
- As the RSI reading for Monero sits at 85.46, astute investors should remain cautious due to the potential for a short-term pullback, but the long-term outlook remains positive with the possibility of testing recent highs or even exceeding them.
