Monero (XMR) remains in focus as trader CryptoTony highlights the $665 support level as key for a potential $880 move. Price analysis shows XMR has gained over 54% in a week, despite a 10.84% drop to $612 after a $282 million hack. A multi-year cup-and-handle pattern and rising demand for privacy features are drawing attention.
The ever-volatile world of cryptocurrency, Monero (XMR) continues to capture attention as a leading privacy coin. On January 16, 2026, prominent crypto trader CryptoTony shared an update on X (formerly Twitter), analyzing the XMR/USDT perpetual contract on a 4-hour timeframe. The chart depicts a recent dip to around $665, followed by a rebound, with an upward arrow pointing toward a potential high of $880. CryptoTony stated, “If we can hold $665 then expect a new high up to $880.” This prediction comes at a time when XMR has shown remarkable resilience, surging over 54% in the past week despite broader market fluctuations.
Hack Controversy Explained
Monero’s recent price action has been nothing short of dramatic. The token reached an all-time high of $797.73 propelled by increasing demand for privacy features in an era of tightening regulations. Dubai’s ban on privacy coins and the EU’s upcoming restrictions have amplified interest in XMR, which uses advanced cryptography like ring signatures and stealth addresses to ensure transaction anonymity. This rally aligns with a broader privacy coin boom, as investors seek assets resistant to surveillance amid global AML and KYC enforcements.
However, the surge wasn’t without controversy. On-chain investigator ZachXBT revealed that a victim lost over $282 million in LTC and BTC to a hardware wallet social engineering scam on January 10. The attacker swapped portions into XMR via instant exchanges, triggering a sharp price spike. They also used THORChain to convert 818 BTC into ETH, XRP, and more LTC. This influx of buying pressure pushed XMR higher, but subsequent sell-offs led to a correction. As of January 17, 2026, XMR trades at $612.38, down 10.84% in 24 hours, testing lower supports around $595.
Privacy Demand Accelerates
Technical indicators remain mixed. The weekly chart shows a breakout from a multi-year cup-and-handle pattern, suggesting a potential climb to $1,000 if momentum rebuilds. Bullish sentiment persists, with analysts like Peter Brandt comparing XMR’s structure to silver’s historic surge. Yet, sentiment has cooled 72%, and large capital inflows have slowed, warning of possible further downside to $590.
Looking ahead, if XMR reclaims $665 and breaks $720 resistance, CryptoTony’s $880 target could materialize, especially with negative funding rates hinting at a short squeeze. Price predictions for 2026 range from $650 to $1,000, averaging $820, driven by privacy demand. Traders should monitor BTC’s performance at $95,295, as XMR shows relative strength. As regulations evolve, Monero’s role in Web3 privacy could fuel long-term growth, but volatility remains a key risk. Always conduct thorough research before investing.
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