Monero (XMR) Price Spikes 65% After News of Hacker Laundering $330 Million

Key Takeaways

• News of a $330 million hack sparked a Monero (XMR) rally
• The XMR price broke out from an ascending parallel channel.
• Can XMR sustain its price increase and reach a new all-time high?

On April 28, Crypto sleuth ZachXBT flagged a potential hack of $330 million. The funds are being laundered and swapped for XMR, causing the latter’s price to spike.

The XMR price reached the highest price since 2021 before falling considerably.

Since the XMR increase is news-based and the price has failed to sustain it, the question is: Will this rally falter, or will XMR continue increasing to new highs? Let’s find out.

XMR Price Breakout

The weekly Monero price chart shows a breakout from an ascending parallel channel in December 2024.

After the breakout, the XMR price validated the channel as support twice (green icons).

The second bounce took the XMR price to $360, as CCN analyst Victor Olanrewaju predicted at the beginning of April.

However, Monero has failed to sustain the increase, creating a massive upper wick (black circle), signifying selling pressure.

The decline validated the 0.618 Fibonacci retracement resistance level, often determining whether the rally is corrective.

Despite the rejection, technical indicators do not show any weakness.

The Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are increasing, and neither has generated any bearish divergence.

The mixed signs fail to confirm if the long-term XMR price trend is bullish or bearish.

Will the XMR Rally Continue?

There are two paths for the future outlook based on the price movement since the start of 2024.

The bullish one suggests that XMR has begun a parabolic upward movement (black) that will take it toward its all-time high.

If so, it has started the most parabolic phase of its increase with the bounce at the parabola (green icon).

The bearish one suggests that XMR trades inside a corrective parallel channel. The overlap that characterizes the channel movement supports this outlook.

For XMR to confirm it, the price has to close below the channel’s resistance trend line and fall in its lower portion.

As a result, the future XMR price prediction is unclear. Whether XMR breaks out from the channel or falls inside it can determine the coming trend.

Monero News Triggers Rally

The XMR price surged on April 27 after news of a $330 million hack and swap to XMR.

It is still unclear if the XMR Price has started a bullish trend reversal or if the news-catalyzed rally has already ended.

Whether the price of XMR breaks out from its short-term ascending parallel channel will be key in determining what happens.