- Monero’s 65% surge tied to a $330M Bitcoin theft faces resistance at $289; RSI signals overbought conditions.
- Kraken data shows $956K XMR deposits vs. $356K withdrawals, indicating rising sell pressure post-rally.
- Liquidity maps highlight $240-$250 as support, $282-$296 as resistance; trendline hold at $260 crucial.
Monero (XMR) rose 65% on April 28 after reports linked its surge to a $330 million Bitcoin theft. Blockchain analyst ZachXBT noted the timing aligned with claims that stolen Bitcoin funds were converted to XMR, a cryptocurrency known for privacy features.
The price later dipped but climbed 7% the next day, reaching $277. Traders now question whether gains can hold as technical barriers and exchange data signal challenges.
XMR briefly crossed a resistance level it had tested since early 2024. ETHNews analysts stress that a daily close above this trendline is needed to confirm a breakout. If achieved, the next target sits near $289, a level last seen in 2021. However, the Relative Strength Index (RSI) entered overbought territory during the spike, suggesting buying activity may have peaked.
The Chaikin Money Flow (CMF), which measures buying and selling pressure, fell to neutral after the initial surge. A further drop below 50 could indicate weakening demand. Exchange data adds complexity: Kraken saw $956,000 worth of XMR deposits versus $356,000 in withdrawals over 12 hours, hinting at profit-taking.
Liquidity maps show $240-$250 as a potential support zone, where buy orders cluster. Resistance levels near $282 and $296 may limit upward moves. If XMR falls below the trendline again, its 50-day average near $220 could act as a floor.
The theft’s role in the rally remains unclear. Monero’s privacy tools obscure transaction details, making direct links difficult. Still, the event highlights how large-scale hacks can sway crypto markets unexpectedly. Traders now watch whether technical patterns hold or if external factors override them.
As regulators sharpen scrutiny on crypto-related crimes, incidents like this test market stability. For Monero, the coming days will reveal whether its climb reflects fleeting speculation or lasting momentum—a balancing act between chart signals and the shadowy undercurrents shaping crypto’s volatile tides.
Monero (XMR) is currently trading at $266.60, with a strong +3.07% daily gain, and an exceptional +23.67% rise over the past week and +23.82% over the last month. Year-to-date, XMR is up +38.08%, and over the past 12 months it has surged +110.76%, showing renewed strength in the privacy coin sector. The coin’s market cap is approximately $4.92 billion, with a 24-hour trading volume of $151.76 million.
Technically, Monero is showing aggressive bullish behavior after a parabolic spike to $347, triggered by reports linking it to laundering activity tied to a $330 million Bitcoin theft. Despite pulling back to the current $266 level, the structure remains very strong, and buyers continue to defend the $260–$265 range.
Resistance now lies near $280–$295, and if breached, Monero could retest $310–$345. Support is likely to hold at $245, with deeper pullback targets near $228–$230. RSI is elevated, indicating overbought conditions, but the bullish trend remains intact unless key support fails.
