According to crypto analyst Rekt Capital, Monero (XMR) is testing its long-standing monthly resistance at $422, a price level that has historically triggered major corrections since 2017. However, this time, the resistance appears to be weakening, with each successive rejection showing shallower declines: the first led to a 94% price drop, the second a 77% retracement, and the third a 43% pullback, signaling diminishing selling pressure and potential for a structural breakout.
Simultaneously, Monero's price surged nearly 20% to around $430.99, with trading volume spiking over 46%, making it the top gainer in the market. This rapid breakout, described as a "god candle" by analysts, was driven by renewed interest in privacy coins, possibly due to profit rotation from Zcash (ZEC), which recently gained over 200% in a month. Additionally, Monero's Flourine Fermi upgrade in early October enhanced protections against spy nodes, reinforcing its core privacy features amid regulatory pressures.
If XMR closes above $422 on the monthly chart, it would mark the first confirmed breakout in nearly a decade, potentially opening a path toward higher price trends and solidifying its position in the privacy coin sector.
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