Monero (XMR) has significantly outperformed Bitcoin (BTC) in 2024, surging 86% year-to-date, compared to Bitcoin’s modest 12% gain. A technical breakout on the XMR-BTC chart suggests this momentum could continue.
Key Takeaways
- XMR/BTC ratio hits its highest level since January 2024.
- A double-bottom breakout on the weekly chart confirms a trend reversal in favor of Monero.
- XMR has moved above the Ichimoku cloud, reinforcing bullish signals.
- Risks remain if the price dips below the recent support level (previous neckline).
Chart Signals: Bull Run in Motion
CoinDesk analyst Omkar Godbole, a Chartered Market Technician, highlighted the technical structure driving optimism:
- Double-bottom pattern: XMR/BTC formed two troughs near 0.00165, followed by a breakout above the neckline resistance—a classic bullish reversal signal.
- Ichimoku confirmation: The ratio moving above the Ichimoku cloud suggests a sustained uptrend is forming.
- If XMR/BTC holds above support, the pair may continue gaining strength relative to BTC.
What It Means for Traders
XMR’s breakout suggests increasing investor interest in privacy coins as macroeconomic and geopolitical uncertainties persist. The divergence from BTC also positions Monero as a potential hedge within the crypto space.
“This marks a structural shift in XMR’s momentum versus BTC, but traders should watch the neckline support closely for signs of reversal risk,” said Godbole.
Will XMR Continue to Lead?
With technical indicators aligning and Monero’s 86% YTD performance, analysts expect XMR could maintain momentum—as long as support holds. However, a pullback below key levels would threaten the current bullish structure.
