Monero Surges 82% Since April, Eyes New All-Time High

Monero [XMR] has experienced a significant rally, surging by 82% since April 7. This impressive performance has sparked discussions about the cryptocurrency's potential to reach new heights. The asset's price charts indicate a strong long-term bullish outlook, characterized by a breakout, consolidation, and subsequent breakout, which underscores its strength over extended periods.

The 1-week chart reveals that Monero broke out of a multi-year consolidation phase in December, with the $183 level, previously a resistance since mid-2022, now acting as support. This support level has been retested multiple times until April, demonstrating the asset's resilience. The Fibonacci retracement levels, based on the 2021-22 drop, show that the 61.8% level is at $246. Although this level was tested as resistance earlier this year, a breakout was not achieved.

Over the past year, Monero's breakout, consolidation, and recent rally in May have been accompanied by a trend of high trading volume. This heightened demand and conviction are positive indicators for long-term investors. The 1-week chart presents an intensely bullish picture, suggesting that Monero is poised to climb to a new all-time high. In the coming weeks, the 23.6% and 61.8% extension levels at $396.8 and $489.5, respectively, are the next targets.

On the 1-day chart, Monero maintains its bullish momentum. The Chaikin Money Flow (CMF) is at +0.12, signaling heavy capital inflows. The trading volume has increased since April, as evidenced by the rising 20-period moving average for the volume bars. The Money Flow Index (MFI) does not yet indicate an overextended market on the 1-day timeframe, suggesting that the strong upward momentum could propel Monero higher.

Since April 9, Bitcoin [BTC] has traded within a short-term range. During this period, Monero managed to rally by 13.7%, matching the returns of Ethereum [ETH]. This relative strength against BTC and ETH further supports the bullish outlook for Monero. Holders may anticipate moves to $400 and $500 to realize further profits.