Monero surged past $600 for the first time on Monday to reach a new all-time high of $611.01, prompting veteran trader Peter Brandt to compare the privacy coin's breakout pattern to silver's multi-decade chart setup that preceded its own run to record prices.
What Happened: XMR Breaks Multi-Year Resistance
The privacy-focused cryptocurrency outperformed the broader market with a nearly 21% single-day gain, extending its weekly advance to 43%.
Renewed interest in privacy tokens has driven liquidity toward the project, pushing its market capitalization to $10 billion for the first time.
Brandt posted on X that Monero's current structure mirrors silver's historical pattern, in which the metal spent years accumulating below an ascending resistance trendline before finally breaking through during its Q4 2025 rally. Silver's breakout carried it from a 2011 peak near $49.83 to a recent high of $86.23.
Monero has traced a similar ascending trendline since its 2017 high and retested that resistance in 2021 before pulling back. The cryptocurrency has now broken above that level.
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Why It Matters: Price Discovery Or Correction Ahead
Market observer TraderSZ outlined three potential targets if momentum holds: $685 as an initial level, with extended projections between $790 and $900 representing gains of 50% to 80% from the breakout zone.
Other analysts note the structure remains bullish with buyers stepping in and no clear signs of distribution yet.
However, skeptics warn that a multi-year rising wedge pattern dating to 2017 could signal a 50% decline toward $300 if Monero fails to hold its breakout level as support.