$XMR moves against $ZEC, making higher highs with good conviction. Next stop looks $400. Watch for a close above $370.

#Monero is now trading above $360 after it bottomed near $300 in late June; it is riding an ascending trendline that's held on every pullback along the way, including the sharp dip from the $370 peak back to the $340s in late July, which found support right at the line before reversing.

Price has now recovered all of that pullback and is testing the same $368–$370 zone that capped the move the first time. A confirmed break above this level, with momentum still building the way it is now, opens room for $XMR to establish a fresh high rather than just retesting the old one; a rejection here puts the trendline back in play as the level to watch on any pullback.

Relative to its privacy peers, $XMR is currently standing out. #Zcash’s $ZEC is correcting deeply right now, giving back a chunk of its recent gains, while Monero has continued making higher highs through the same stretch.

Monero's long-discussed FCMP++ upgrade, which would replace its ring-signature privacy model with full-chain membership proofs covering the entire set of unspent outputs, remains part of the coin's broader roadmap.

For the $400 call to come back in play, $XMR needs to clear $368–$370 and close above the zone. If the price is rejected at this level a second time, $XMR might fade back toward the ascending trendline, and the pullback that's supported every dip so far gets tested again.

Also, if ZEC's deeper correction spreads sentiment-wise to the rest of the privacy-coin space, $XMR's relative strength could narrow along with it.