Monero Crypto Surges 65% on Bitcoin Hack News – Can XMR Reach for $300?
On April 28th, Monero [XMR] experienced a remarkable surge of 65% in value, with the altcoin's price skyrocketing to new heights. According to on-chain investigator ZachXBT, this sudden gain was linked to a massive Bitcoin (BTC) hack worth an estimated $330 million.
Although the altcoin gave back some of its gains during the trading session, XMR saw renewed bidding on April 29th, with the price rising by 7% and standing at $277 at the time of writing. Moreover, it broke above a multi-month trendline resistance formed since early 2024, which suggests that the bulls might be gaining momentum.
For a confirmed breakout, the daily candlestick must close above the trendline resistance. If this happens, the 2021 peak value of $289 could become the next target for bulls. One of the key indicators supporting the bullish thesis is the daily RSI, which hit overbought conditions, indicating massive buying pressure.
However, this also flags an overheated condition and potential cooling-off for the wild rally. The CMF (Chaikin Money Flow) dropped sharply to the neutral level, indicating that capital inflows turned negative after Monday's pump. An extended dip below 50 on the CMF indicator would be a warning signal for bulls.
On the other hand, if XMR dips below the multi-month trendline again, the moving averages (around $220) would become a key support level to watch. In such a case, the bulls' outlook would be invalidated.
Monero Crypto — Sell Pressure Piles On The Exchange Neftlow
On the exchange Neftlow, more XMR tokens were moved for sell-off in the past 12 hours. About $956K XMR entered the exchange, while only $356K were locked away. This meant more selling pressure than bids on the exchange as XMR traders locked in their gains.
The liquidity heatmaps indicate that the main support could be around the $240-$250 zone. This zone is a dense area of liquidity (yellow lines) that typically acts as a price magnet during liquidity-driven price rallies.
On the upper side of the price action, other key liquidity levels were at $282 and $296. Simply put, XMR could grab the overhead liquidity pools at $282 or $296 before focusing on the $240-$250 zone. The risk of short-term retracement is still present, with XMR potentially dragging back to the $240-$250 area or the breakout level above the resistance ($260).
Disclaimer: The Information Presented Does Not Constitute Financial, Investment, Trading, Or Other Types Of Advice And Is Solely The Writer's Opinion
The information presented in this article does not constitute financial, investment, trading, or other types of advice and is solely the writer's opinion. Investors should do their own research before making any decisions.
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