This is a sunny technical examination of coindesk analyst and chartered market technician Omkar Godbole.
Top cryptocurrency dedicated to privacy Monero (XMR) has outperformed bitcoin
This year, and the trend is likely to continue in the coming weeks.
That’s the message from the XMR-BTC ratio trading to Poloniex. The ratio that represents the Bitcoin-denominated price of XMR recently rose to the highest since January 2024, confirming a “double-bottom” breakout in the weekly time of time.
The double bottom consists of two consecutive peaks with lows at almost the same price, representing a fatigue of the previous downtrend. It also includes a horizontal line, called neckline immunity, drawing connecting the temporary recovery between the two troughs.
A transfer past The neckline is said to confirm the breakout or a bearish-bullish shift in the course of the market.
The ratio has carved two troughs around 0.00165 early this year and recently broke upstairs of neckline resistance, indicating a double bullish contraction.
In other words, XMR is likely to start a new Bull Run related to Bitcoin. Moving a pair above the ichimoku cloud also suggests the same. The bullish outlook is a risk that is not valid in the case of a modified sink below the double leading support (former resistance).
Monero climbed 86% this year, exceeding the 12% increase of Bitcoin by a significant margin, according to CoinDesk data.
