- Monero rises 7.19% as THORChain’s cross-chain upgrade and increased private wallet demand support XMR.
- The price faces resistance at $599, with a potential breakout or short-term correction ahead.
Monero (XMR) climbed 7.19% to $587.60 as increased demand for private wallets and improved cross-chain functionality supported its recovery. XMR remains above key moving averages, but traders are watching the $599 resistance level for signs of a potential breakout.
THORChain Upgrade Supports Monero Demand
THORChain’s August upgrade introduced cross-chain swaps for Monero, making it easier for users to exchange XMR across different blockchain networks. The feature expands Monero’s utility, particularly for users who prioritize transaction privacy.
The upgrade has also coincided with increased transfers of XMR into private wallets. As more coins move away from exchanges, the amount available for immediate trading declines.
Lower exchange liquidity can amplify buying pressure when demand increases. This has helped support Monero’s recent price gains, although sustained demand will be important for the rally to continue.
XMR Price Holds Above Key Moving Averages
Monero’s technical indicators remain broadly positive, with XMR trading above several important moving averages.
On the hourly chart, the 20-period moving average sits at $580.42, while the 50-period moving average stands at $565.68. The daily 200-period moving average is much lower at $405.50, highlighting the strength of the broader price trend.
The Ichimoku Kijun line at $577.31 also provides nearby support. Meanwhile, the Moving Average Convergence Divergence (MACD) and Average Directional Index (ADX) indicators point to continued buying strength.
However, some indicators suggest the rally may be running ahead of itself in the short term. Bull/Bear Power is in overbought territory, while elevated volatility increases the risk of sharp price movements.
These conditions leave room for further gains but also raise the possibility of a temporary pullback as traders take profits.
Monero Price Prediction: $599 Resistance in Focus
Monero is expected to trade between $576.18 and $599.02 over the next two to three trading days as the market absorbs its recent gains.
A move above $599.02 could signal renewed buying pressure and open the way for another upward move. A sustained break below $576.18, however, could weaken the short-term outlook and trigger a deeper correction.
For now, the price is caught between positive technical signals and the risk of short-term overextension. Traders will be watching whether buyers can push XMR above resistance or whether consolidation continues.
The movement of XMR into private wallets and the increased utility provided by THORChain remain important factors to monitor. However, a confirmed breakout above $599.02 would provide a clearer signal that the rally has room to extend.
ALSO READ: NEAR Protocol Launches Privacy-Focused Solana Deposit Service With Flexible Withdrawals
DISCLAIMER:
This article reflects the author’s views and is provided for informational purposes only. While we strive for accuracy, the publisher does not guarantee that all information is complete or current. Readers should verify important information and consult appropriate sources before making decisions based on this content.
About the Author
