Monero is currently staging one of the most significant technical breakouts in its history.
The privacy coin is knocking on the door of an all-time high (ATH) that has stood since the height of the bull run after close to a decade of consolidation.
For most major cryptocurrencies of the likes of Bitcoin, the 2018 cycle highs are a distant memory, broken long ago in 2021. Monero is different. Its all-time peak of $542.33 was set on Jan. 9, 2018.
Momentum is accelerating
According to trade Josh Olszewicz, XMR currently has the best-looking chart in crypto.
The privacy coin has now formed a textbook ascending triangle, which is typically viewed as a bullish continuation pattern.
The top dotted line represents a fierce resistance zone around $475–$520.
This level marks the all-time highs (ATH) from the 2017 bull run and the 2021 double-top.
For nearly 8 years, sellers would step in and push the price of XMR back down.
The price is currently squeezed into the very apex of the triangle. The distance between support and resistance has narrowed. Hence, it is likely that a decision could be in the offing.
The more times a resistance level is tested (knocked on), the weaker it becomes. This is XMR’s third major attempt to break the $500 region on the monthly timeframe. If it succeeds, there is no historical resistance above this level.
A monthly close above the $520 level would confirm the breakout.
Will it be the next Zcash?
Zcash (ZEC) entered the year as the "breakthrough" darling. The privacy coin suddenly soared by more than 750% in virtually no time. However, the narrative faced a severe stress test last week, with the entire team at the Electric Coin Company (ECC) calling it quits due to governance disputes.
Now that Zcash is enmeshed in an internal drama, Monero has seemingly capitalized on the chaos.
