This is a daily technical analysis of Coindesk analyst and chartered market technician Omkar Godbole.
Leading Privacy Focused Cryptocurrency Monero (XMR) has surpassed Bitcoin
This year, and the trend is likely to continue in the coming weeks.
That’s the message from the XMR-BTC relationship with Poloniex. The relationship representing XMR’s Bitcoin-denominated price recently rose to the highest since January 2024, confirming a “double-bound” breakout on the weekly timeframe.
The double bottom consists of two consecutive low -level tops at about the same price, which represents an exhaustion of the previous downward trend. It also includes a horizontal line, called the neckline resistance, drawn to connect the temporary improvement between the two troughs.
It is said that a step past the neckline confirms the breakout or a bearish-Bullish shift in the trend of the market.
The ratio cut two trables at about 0.00165 early this year and recently broke over the neckline resistance, indicating a double -bound bullish reversing.
In other words, the XMR has probably begun on a new bull driving compared to Bitcoin. The movement of the pair over the echimoku cloud also suggests the same. De Bullish Outlook risks invalidity in the event of a renewed dip under dual top support (previous resistance).
Monero has risen 86% this year and surpassed Bitcoin’s 12% increase by a significant margin, according to Coindesk data.
