Monero (XMR) is exhibiting a powerful technical setup, compressing into an ascending triangle pattern as it challenges a multi-year resistance zone around $460-$520. This level represents the privacy coin's all-time high of $542.33, set back on January 9, 2018. Unlike many major cryptocurrencies that surpassed their 2018 highs in the 2021 bull run, Monero has been consolidating below this peak for nearly a decade.
Trader Ardi highlights that the XMR price is printing higher lows while repeatedly testing the $460 area, a sign that buyers are stepping in more confidently with each pullback. The price action shows the market is coiling, with each rejection from resistance resulting in less downside—a classic indication that selling pressure is being absorbed. Analyst Josh Olszewicz (CarpeNoctom) has called Monero's chart "the best looking chart in crypto," noting it is teasing all-time highs.
The $460-$520 zone is critical, aligning with the 2017 peak and a 2021 double-top. A sustained monthly close above $520 would confirm a historic breakout from the ascending triangle, a pattern typically viewed as bullish continuation. In such a scenario, the next logical targets would be the $500 area and then the 2021 high near $522, with no historical resistance above. However, failure to hold the rising trendline support could see a retest of the low $420s, extending the consolidation phase.
The analysis comes as Monero's rival, Zcash (ZEC), faces internal turmoil after its development team at the Electric Coin Company (ECC) quit due to governance disputes. This has led some observers to speculate that Monero could capitalize on the situation and become the "next Zcash" in terms of breakout momentum, following ZEC's 750% surge earlier in the year.
