Monero surges 19%! Technical breakthrough triggers strong rally, XMR aims for the $345 mark!

As of Monday, Monero (XMR) continued its strong upward momentum, with the price skyrocketing by 19%, and a 9.33% increase last week. On-chain indicators show that the open contracts for XMR have reached their highest level since last December, supporting this price surge.

Technically, Monero has broken through the ascending triangle pattern on the daily chart, and it is expected to continue rising. Based on the measurement target of this pattern, XMR is likely to break through to $345. However, investors are advised to consider taking profits around the $300 mark.

Additionally, the open contract volume of Monero has also reached a new high for the year, indicating an influx of market capital, suggesting that XMR prices will rise further. Although the Relative Strength Index (RSI) is in the overbought zone, indicating a potential short-term correction, the bullish momentum remains strong.