TradingKey - Monero Surges 10%, Outperforming Bitcoin to Hit a New High Since January
On October 22, as the broader cryptocurrency market was trapped in range-bound trading due to macroeconomic inflation data and jumping U.S. Treasury yields, leading privacy coin Monero (XMR) demonstrated remarkably strong safe-haven and independent momentum. It rose over 12% today at one point, breaking above $650 to hit a new high since mid-January this year, while Bitcoin pulled back after an initial rally to trade around $82,000.
XMR and BTC price chart, source: CoinMarketCap
Over the past seven days, XMR's price has continued to trend upward, gaining over 16% cumulatively, far outperforming mainstream coins like Bitcoin and Ethereum. The main reason is a security fix to its core protocol. On October 16, the official Monero development team officially rolled out the v0.18.5.4 maintenance update, which optimized the Checkpoints security mechanism, network DNSSEC validation, and wallet fixes, thereby strengthening the underlying network security.
Yesterday, legendary Wall Street chartist Peter Brandt singled out Monero as comparable to silver on the eve of a major surge, pointing out that after XMR repeatedly tested strong resistance at $500–$600, its bullish moving average alignment and bottoming pattern closely mirrored silver's setup prior to its historic $125 rally. This further sparked substantial buying from swing technical traders and right-side momentum buyers.
If XMR reclaims and holds above $650 on the daily chart with heavy volume, it indicates that all trapped selling pressure at higher levels from February to September this year has been fully absorbed, with the next target pointing directly to the $700 mark. To the downside, the former strong resistance zone of $580.00–$600.00, where trading took place for months, has now successfully flipped into support, becoming the bulls' primary structural wall of defense.
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