Monero Nears 2018 ATH; Top Trader Calls XMR ‘Best-Looking’ Chart
Monero (XMR) is forming a textbook ascending triangle and is approaching an all-time high set on Jan. 9, 2018 ($542.33). Trader Josh Olszewicz (CarpeNoctom) called XMR the “best-looking chart in crypto,” noting multiple tests of the $475–$520 resistance zone. Price has tightened into the triangle apex on the monthly timeframe; a monthly close above $520 would confirm a breakout because there is little historical resistance above that level. The article contrasts Monero’s momentum with Zcash (ZEC), which recently surged but is facing internal governance turmoil after the Electric Coin Company team departures. Traders should watch for a decisive break or rejection at the $500 region; repeated tests weaken resistance and increase breakout probability. Key data points: XMR ATH $542.33 (9 Jan 2018), critical resistance ~$475–$520, breakout confirmed on monthly close above $520. Primary keywords: Monero, XMR, ascending triangle, breakout, all-time high. Secondary keywords: resistance, monthly close, Zcash, ZEC, trader Josh Olszewicz.
Bullish
The technical setup is bullish: XMR has formed an ascending triangle on the monthly timeframe with price compressed into the apex and multiple tests of the $475–$520 resistance. In technical analysis, repeated tests weaken resistance and increase the likelihood of a breakout; a confirmed monthly close above $520 would remove nearby historical resistance and open a clear path higher (no recorded resistances until well above the 2018 ATH of $542.33). Market sentiment is further supported by attention from prominent traders (Josh Olszewicz), and Monero may be benefiting from Zcash’s governance turmoil, which can shift speculative capital toward alternatives. Short-term implications: increased volatility around $475–$520 with potential sharp upside on a confirmed breakout or quick retracement if rejected. Traders may see high-volume breakouts, short squeezes, or rapid pullbacks. Long-term implications: a sustained monthly close above $520 would be a structural bullish signal, likely attracting momentum traders and triggering longer-term position accumulation. Risks: privacy-coin regulatory scrutiny, market-wide risk-off events, or a failed breakout (false monthly close) that could lead to deeper pullbacks to triangle support. Historical parallels: assets that broke multi-year resistance on sustained monthly closes (e.g., various altcoins in 2020–2021) produced strong multi-month rallies; conversely, false breakouts have led to consolidation or deeper corrections. Overall, probability-weighted outcome favors bullish continuation, but confirmation on the monthly close is critical.