Monero (XMR) has seen its price rally by nearly 9.5% in the past week despite the crypto market recording 8.5% decline. It has broken up into a strong, multi-month resistance trendline. This suggests that the privacy-focused crypto is to see more gains.
At the time of writing this article, Monero was trading at $231.44. It has gained 3.61% in the last 24-hours as per CoinMarketCap. Monero has been up by 8.20% in the last seven days. Analysts highlighted that the privacy coin has outperformed the crypto giants – Bitcoin and Ethereum.
Experts believe entities using Monero to bypass sanctions could have boosted its appeal among investors. Brookings, a think tank, had warned last month that Monero could be used as part of a sanctions-evasion scheme. It will prompt investors and businesses to adopt this coin as it shields them from tracking, and tracing. The IRS offered payments of $625,000 to those that can crack the privacy protections of Monero, Zcash, and other like coins.
Data shows that Monero broke above a downward sloping trendline that had been capping upside attempts since May 2021. The trendline is made up of a bull flag pattern. A parallel lower trendline acts as support. Analysts explain that bull flags send the price in the direction of its previous uptrend called flagpole after it breaks to the upside.
The XMR is slated to make a run for the $480 mark this week. Market analyst Don Yakka says it could reach as high as $10,000 owing to a classic cup-and-handle pattern.
