- A $330M BTC theft reportedly induced Monero’s explosive swing.
- XMR broke was on the verge of breaking above a multi-month trendline resistance.
Monero [XMR] jumped 65% on the 28th of April, a move on-chain investigator ZachXBT linked to a $330M BTC hack.
Although it gave back some of its gains during the trading session, the altcoin saw renewed bidding on the 29th of April.
It was up 7% and valued at $277 at the time of writing. Interestingly, it broke above a multi-month trendline resistance formed since early 2024. Is that enough to push the bulls forward?
XMR’s breakout rally
Source: XMR/USDT, TradingView
The daily candlestick must close above the trendline resistance for a confirmed breakout. If so, the 2021 peak value of $289 could be the next target for bulls.
One of the key indicators, the daily RSI, hit overbought conditions, suggesting massive buying pressure.
While this supported the bullish thesis, it also flagged an overheated condition and potential cool-off for the wild rally.
The CMF (Chaikin Money Flow) also dropped sharply to the neutral level, indicating capital inflows turned negative after Monday’s pump.
An extended dip below 50 on the CMF indicator would be a warning signal for bulls.
However, the bullish outlook would be invalidated if XMR dipped below the multi-month trendline again. In such a case, the moving averages (around $220) would be a key support level to watch.
Monero crypto — Sell pressure piles
On the Exchange Neftlow, more XMR tokens were moved on Kraken for sell-off in the past 12 hours.
About $956K XMR (green) entered the exchange, while only $356K were locked away (red). This meant more selling pressure than bids on the exchange as XMR traders locked in gains.
Source: CoinGlass
On the liquidity heatmaps, the main support could be around the $240-$250 zone. The zone was a dense area of liquidity (yellow lines) that typically acts as a price magnet during liquidity-driven price rallies.
On the upper side of the price action, other key liquidity levels were at $282 and $296. Simply put, XMR could grab the overhead liquidity pools at $282 or $296 before focusing on the $240-$250 zone.
Source: Coinglass
Taken together, the BTC theft allowed XMR to front a breakout above a multi-month obstacle.
Although bulls could push to even $300, any short-term retracement could drag XMR to the $240-$250 area or the breakout level above the resistance ($260).
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion