The Monero price rose 16.8% over the last 24 hours, trading near $564, after reaching a record high of $596.87 in the early hours of Monday, January 12. This increased the overall weekly gains to 33%, with the trading range being between $477.20 and $596.87.
The trading volume also increased significantly, jumping over 230% to $340 million. The reason for this drastic jump in trading volume is aggressive buying triggered by Monero (XMR) breaking through a long-established resistance level and renewed interest in privacy-focused coins.
Privacy Coin Market Rallies as XMR Leads Sector Gains
Monero’s breakout coincided with a broad rally across the privacy coin sector, where total market capitalization rose about 14% to roughly $20 billion in a single day.
Within that group, Monero outperformed major peers, while Zcash also posted gains near 10%, and smaller privacy tokens like ZERA, Pirate Chain, and PRivaCY Coin, recorded even sharper percentage moves.
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The concentration of flows into Monero suggests traders favored the most liquid and established privacy asset as the sector gained traction.
At the narrative level, rising tensions over financial surveillance and geopolitics reinforced Monero’s narrative as a hedge, as it preserves privacy by default with features like ring signatures and stealth addresses as standard. Demand conditions served as a fuel for buying, despite prices being at deeply extended levels.
Monero Price Holds Breakout as Momentum Stays Strong
From a technical perspective, the Monero price has decisively cleared its 2017 peak near $517, ending an eight-year consolidation phase and pushing the market into price discovery.
In the shorter time frames, the Monero price retreated slightly from the high of $596.87 but retained a strong position above the major moving averages, with the 9-period SMA at around $572 and the 20-period SMA at about $536. The Bollinger Bands widened considerably, and the upper band at about $610 indicated the strong pace of the recent move.
Momentum indicators are also bearing out strongly overextended conditions. The RSI values reached mid-80s levels, which is overbought, while the MACD histogram posted a positive reading of +7.9, indicating that buyers are in control despite being in overextended ranges.
Analyst MelarinX notes that there is a saucer pattern with an ultimate higher high that was resolved higher, making the breakout pattern still valid, with shallow pullbacks in consolidation rather than a failure of the trend. The trend remains clearly upward, with previous resistance at $517 now a major support level.
As long as the price of Monero remains above this level, technical analysis supports a continuation of the trend, although high readings on momentum indicators suggest that market participants perceive a possibility of interruptions in the upward move.
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