Monero Breaks Into Top 15 Amid Privacy Coin Revival

utoday01-13

Monero (XMR), the flagship privacy coin and the darling of cryptojackers, has emerged as the latest red-hot OG altcoin, decoupling from the broader cryptocurrency market. According to the most recent ...

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It has surged past $640, and it is now in a full-blown \"price discovery\" mode.The XMR token is up 13.2% against Bitcoin (BTC) in the last 24 hours alone.The enormous breakout XMR's daily chart shows that the most critical technical development was the clearing of the $542 resistance level.This level marked the absolute peak of the 2018 bull run. For eight years, it would act as an impenetrable barrier for the bulls. XMR ended up incinerating this level. The massive green candles from Jan. 11–13 show no hesitation, with the bulls pushing straight to $650.This was essentially a \"blue sky breakout.\" There were no sellers left above $542, so there was no resistance to cap the upside. This made it possible for the asset to surge sharply higher. The rally came following the collapse of Zcash (ZEC) earlier this week.Following the resignation of the entire Electric Coin Company (ECC) team, retail capital has fled Zcash.That capital is now likely rotating specifically into Monero. 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