The crypto market is making headlines again. The Monero token (XMR) attracts particular attention by surpassing the symbolic mark of $500, a level not reached since 2021. Meanwhile, Zcash (ZEC) is sinking into a governance crisis which is destabilizing its market and panicking investors.
In brief
- The Monero crypto exceeds $500 and emerges as the big winner in the privacy coin market.
- Zcash collapses after internal crisis, triggering a mass shift of crypto investors to Monero.
The crypto Monero is riding the Zcash crisis
THE Monero token surged more than 20% in a week, reaching $500.66 before stabilizing. This spectacular rebound is explained by the massive exodus of crypto traders leaving Zcash, shaken by a collective resignation within the Electric Coin Company. This is the team responsible for developing the crypto project.
Added to this are tensions around the Bootstrap Project as well as poor management of funds. They caused the fall of the ZECwhich lost more than 20% to $360.
Crypto investors now seem to prefer Monero, considered more stable and more consistent in its roadmap. Several institutional reports (notably those of Grayscale and Coinbase) also highlight the potential of privacy coins.
Technical analysis: a wall of resistance at $520 in the crypto market
Despite its soaring, the crypto Monero faces historic resistance between $500 and $520. Technical analysis shows that every attempt to cross this threshold since 2021 has resulted in a violent correction, sometimes of 40% to 95%. THE graphic models suggest that a rejection could bring the price of XMR back towards the $200–270 zone.
But if the token manages to stay above $520, a new upward phase would begin. In this case, Monero could target $775 (according to Fibonacci retracements). Such a performance would put the crypto back in the race for best performing assets of the year.
Experts believe that a confirmed crossing would even make Monero the most credible crypto blockchain in the privacy segment, especially after the Zcash debacle.
In any case, the crypto market confirms its taste for spectacular reversals. It remains to be seen whether this breakthrough above $500 heralds a real bullish cycle or a simple parenthesis of volatility for Monero.
Maximize your Tremplin.io experience with our 'Read to Earn' program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
