A BTC theft worth 330 million USD is believed to have caused significant volatility in Monero.
XMR has almost broken the long-standing resistance level.
Monero [XMR] surged 65% on April 28, a move that chain investigator ZachXBT believes is related to the 330 million USD BTC hack.
Although it lost some profits during trading, this altcoin rebounded on April 29.
At the time of writing, it has increased by 7% and reached a value of 277 USD. Notably, it has broken above the long-standing resistance level formed since early 2024. Is this enough to push investors to buy in further?
XMR's breakout move
Source: XMR/USDT, TradingView
To confirm the breakout, the daily candle needs to close above the resistance level. If so, the highest price point of 2021 at 289 USD could be the next target for investors.
One important indicator, the daily RSI, has reached overbought levels, indicating strong buying pressure.
While this supports the bullish argument, it also indicates overheating conditions and a potential correction for the strong rally.
CMF (Chaikin Money Flow) has also dropped sharply to neutral levels, indicating that capital flow has turned negative after Monday's pump.
A deep drop below 50 on the CMF indicator would be a warning signal for investors.
However, the bullish outlook will be invalidated if XMR drops below the multi-month resistance level again. In such a case, the moving averages (around 220 USD) will be an important support level to watch.
Monero cryptocurrency — Increasing selling pressure
On the Neftlow exchange, many XMR tokens have been transferred to Kraken for sale in the past 12 hours.
About 956K XMR (in green) has entered the exchange, while only 356K was locked (in red). This indicates stronger selling pressure compared to buying orders as XMR traders take profits.
Source: CoinGlass
On the liquidity heat map, the main support level could be in the 240-250 USD range. This is a densely liquid area (yellow lines), often a price attraction point during bullish moves based on liquidity.
At the top of the price action, other important liquidity levels are 282 USD and 296 USD. Simply put, XMR can gather liquidity pools above at 282 USD or 296 USD before focusing on the 240-250 USD range.
Source: Coinglass
In summary, the BTC theft has helped XMR overcome a long-standing obstacle.
While it could rise to 300 USD, a short-term correction could bring XMR back to the 240-250 USD range or the breakout area above resistance (260 USD).
Source: https://tintucbitcoin.com/monero-tang-65-nho-tin-hack-bitcoin-xmr-vuot-300-usd/
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