Monero (XMR), a privacy-focused token, experienced an 11.5% surge on Monday morning, reclaiming the $360 support level after a week-long downtrend, according to Cointelegraph [Date of Text: Not specified in the text]. Analysts suggest that maintaining this range could lead to a retest of its historical $420 resistance.
The surge followed a 66% price increase over the past month and a half, driven in part by a reported transfer of 3,520 BTC (approximately $330.7 million) that was allegedly swapped for XMR, as reported by Cointelegraph [Date of Text: Not specified in the text]. This led the cryptocurrency to retest a key horizontal level.
Despite a 21% retracement in the past week, Monero has bounced back, reclaiming the $325 mark and approaching the $370 resistance, according to Cointelegraph [Date of Text: Not specified in the text]. Analyst Sjuul from AltCryptoGems noted Monero's impressive chart, suggesting it is close to breaking its all-time high.
Analyst Rekt Capital pointed out that Monero historically ends its bull market around the $422 resistance, a pattern occurring roughly every four years, according to Cointelegraph [Date of Text: Not specified in the text]. As of this writing, Monero is trading at $366, marking a 32.2% increase in the monthly timeframe.