The strength of the cryptocurrency market appears to be spreading to privacy-focused coins. The calm price action of Bitcoin (BTC) often sets up an intense period for altcoins to rally, where several groups of coins can start becoming bullish.
One of those segments is privacy coins. For example, Monero (XMR) rallied by more than 50% last week. Meanwhile, Dash has more than doubled, with a 125% gain, while Zcash (ZEC) rallied by 70% during the same period.
Monero breaks out of USD downtrend
XMR/USD 1-week chart. Source: TradingView
Prior to the rally, XMR was lagging behind Ether (ETH), as the construction is quite similar between the two. After a two-year-long accumulation period, ETH price finally broke to the upside at the beginning of 2021.
Such breakouts often see a support/resistance (S/R) flip, after which the price of the underlying asset can continue rallying. This S/R flip zone for Monero’s price is marked with the green box where support was found. This support zone held, and XMR price continued accelerating toward the next resistance zone around $300.
XMR/BTC 1-week chart. Source: TradingView
The weekly chart for Monero’s BTC pair shows an entirely different view, however, as it’s still in a downtrend. Therefore, a rally in the XMR/BTC pair may be on the horizon. Specifically, a breakout above 0.006 sats would likely lead to more upside.
Dash leads the way
DASH/USD 1-week chart. Source: TradingView
Frequently, when one coin from a segment starts…