Monero Confirmed Breakout

[ed]

Monero XMRUSD has broken the local high at 470 with a Weekly closing bar of 470.38.

Even if by 0.38 this is still a rule followed to confirm the breakout.

The next Resistance will be at the All Time High at 517.60. Given the breakout confirmation and momentum it is the highest probability that price will test the ATH and then we will see if it that weekly bar closes to confirm it as well.

How High Can Monero Go?
snapshot

I do not presume to accurately call tops.

Given the progression of ATHs the most likely next high would be around 593. Using a projection of 3 Year Historic Volatility the target could be 793.

Caveat: Such a fast rise in price means inheirent high volatility and a look at Monero's long term history shows that a dramatic snap back is eventually very likely. This is a very difficult ticker to go long at this point.

That being said - I still continue to believe that Monero is the best asymmetric bet in cryptocurrency right now.

[etfs]

weekly close above 470 confirms breakout, next resistance 517.60, historic vol suggests target 593–793, but high volatility means caution is necessary

[JanEmil]

Always liked that coin even I don't have any.