Monero Price Forecast: XMR soars over 19% amid rising demand for privacy coins

Source Fxstreet
  • Monero price extends its gains on Monday after rallying 9.33% the previous week.
  • On-chain metrics paint a bullish picture, with open interest reaching its highest level since December 20.
  • The technical outlook suggests a continuation of the rally with a target of $345.

Monero (XMR) price is extending its gains by 19% at the time of writing on Monday, following a 9.33% rally the previous week. On-chain metrics support this price surge, with XMR’s open interest reaching its highest level since December 20. The technical outlook suggests a bullish breakout and continuation of the rally, with a target of $345.

Monero could surge as it breaks above the ascending triangle formation

Monero price breaks above the ascending triangle formation on the daily chart, rallying over 19% at the time of writing on Monday. This pattern was created by drawing two trendlines from mid-November, connecting swing points on the daily chart between multiple higher lows and multiple equal highs.

This technical pattern breakout favors the bulls, and the target is generally obtained by measuring the distance between the first daily high and the first daily low to the breakout point. 

If the breakout level is retested and support is found around the daily level of $241.95, XMR could rally toward its technical target of $345.23. However, traders are suggested to book profits around the $300 level.

The Relative Strength Index (RSI) momentum indicator on the daily chart reads at 83, above its overbought level of 70, suggesting the ongoing rally could face cooling pressures. However, the bullish momentum remains strong.

XMR/USDT daily chart

XMR/USDT daily chart

Monero’s open interest reaches its highest year-to-date 

Monero’s Open Interest (OI) further supports the bullish outlook. Coinglass’ data shows that the futures’ OI in XMR at exchanges rose from $20.13 million on Friday to $30.38 million on Monday, reaching a new year-to-date (YTD) high. An increasing OI represents new or additional money entering the market and new buying, which suggests a rally ahead in the Monero price.

XMR open interest chart. Source: Coinglass

XMR open interest chart. Source: Coinglass

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin Outlook 2025As the Bitcoin market continues to mature, its 2025 outlook appears highly favourable, driven by institutional adoption and regulatory developments.
Author  TradingKey
Jan 23, Thu
As the Bitcoin market continues to mature, its 2025 outlook appears highly favourable, driven by institutional adoption and regulatory developments.
placeholder
Solana (SOL) Cools After Recovery — Resistance Proving Difficult to CrackSOL price is now correcting gains and might struggle to rise above the $155 resistance.
Author  NewsBTC
Jul 04, Fri
SOL price is now correcting gains and might struggle to rise above the $155 resistance.
placeholder
Ethereum Price Turns Positive — More Upside Likely if Momentum HoldsETH is now consolidating gains and might aim for a fresh move above $2,620.
Author  NewsBTC
Jul 09, Wed
ETH is now consolidating gains and might aim for a fresh move above $2,620.
placeholder
Dogecoin (DOGE) Rockets to $0.20 — Can It Go Even Higher?Dogecoin started a fresh increase above the $0.180 zone against the US Dollar.
Author  NewsBTC
Jul 11, Fri
Dogecoin started a fresh increase above the $0.180 zone against the US Dollar.
placeholder
Gold price approaches weekly high as tariff jitters boost safe-haven demandGold price (XAU/USD) is gaining positive traction for the third consecutive day on Friday and approaching the top end of its weekly range amid rising trade tensions.
Author  FXStreet
Jul 11, Fri
Gold price (XAU/USD) is gaining positive traction for the third consecutive day on Friday and approaching the top end of its weekly range amid rising trade tensions.
goTop
quote