Is the privacy narrative gathering steam once more? Monero [XMR] has rallied 30.51% since setting a local low at $313.32 on Friday, the 3rd of April.
Interestingly, ZCash [ZEC] and Dash [DASH], the popular privacy tokens, have rallied 30% within the past week, according to CoinMarketCap.
Like ZCash, Monero saw a blow-off top in recent months and saw a deep retracement in February. Both privacy tokens have broken local highs and were on their way toward recovery.
Some traders held the idea that the ZEC and DASH gains of the past week would soon be rotated into XMR, leading to a more aggressive price surge. For now, traders should resist FOMO, but a buying opportunity seems to be at hand.
The end of Monero’s retracement
After falling below the 78.6% Fibonacci retracement level during the February crash, Monero has done well to climb higher. The bullish momentum for Bitcoin [BTC], accompanied by market disbelief and profit-taking, has likely buoyed the altcoin’s sentiment too.
In terms of magnitude, the Monero rally has been on par with the BTC’s since February. However, the higher timeframe swing structure for the privacy coin was bullish, while it was bearish for the market leader.
The breach of the local high (green) at $382.12 on Tuesday, the 21st of April, was a positive sign for the bulls. Towards the end of April, the buyers had flipped this level to support and kept the current move going higher.
The RSI on the 3-day chart was about to climb past 60 to signal strong upward momentum, and the CMF was at +0.09 to indicate steady capital inflows.
Here’s why the rally could extend another 6%
The H4 bullish structure breaks are marked in green. Using the Fibonacci levels once again for the latest bullish move, the $417 and $435 were plotted as the next XMR short-term price targets.
In the coming weeks and months, the privacy coin can go to $500 and even the $799 all-time high if there is sustained demand and a narrative boost later in 2026.
Final Summary
- Monero has a bullish structure across different timeframes, and the rally is likely to extend higher.
- In the short term, traders can expect the bullish move to reach $435.