Monero (XMR) Rises 13% Weekly as Analysts Expect Further Upside

It is quite challenging to spot a cryptocurrency whose price has jumped by double digits over the past seven days, with Monero (XMR) among the few exceptions.

Following the green wave, many market observers have become optimistic, expecting additional gains.

Just the Beginning?

XMR has crossed $400, currently trading at around $404 (according to CoinGecko), representing a 13% weekly increase. Its market capitalization has exceeded $7.5 billion, making it the 16th-largest cryptocurrency after overtaking Cardano’s ADA.

The exact catalyst for the resurgence remains rather unclear, yet certain analysts spotted the formation of bullish patterns that could support a more sustainable uptrend. Several days ago, X user The Moon Show claimed that XMR might be carving out a massive cup-and-handle structure.

“I’m watching for a clean handle followed by a breakout above $430. If that happens, things could move very fast,” they said.

For their part, Lucky (an X user with almost two million followers) described the move north as a “special breakout from a special privacy gem.” The analyst argued that it has entered the bullish trend, projecting a pump to almost $600.

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