Privacy and security-focused token Monero (XMR) has seen an 11.5% surge in the daily timeframe, reclaiming the $360 support for the first time in a week. Some analysts suggest that holding its current range could send the cryptocurrency to a another retest of its historical $420 resistance.<\/p>\n
Amid the crypto market pullback, Monero led the top 100 tokens by market capitalization list with a double-digit jump in the past 24 hours. The cryptocurrency surged 11.5% on Monday morning, breaking out of its seven-day downtrend.<\/p>\n
Notably, XMR has seen a 66% price increase over the past month and a half, jumping from the $220 support zone to its current levels. The token registered a significant 55% daily increase at the end of April, touching the $340 mark before retracing.<\/p>\n
The surge was reportedly<\/a> fueled by a \u201csuspicious transfer\u201d of 3,520 BTC, worth around $330.7 million, from a potential victim of social engineering. According to crypto sleuth ZachXBT, the stolen funds were swapped for XMR, leading cryptocurrency to retest a key horizontal level.<\/p>\n Despite this, the privacy token continued its rally during the May market recovery, which propelled XMR to a four-year high a week ago, nearing the crucial $420 resistance for the first time since 2021.<\/p>\n Now, the market\u2019s recent performance has sent Monero alongside the rest of the leading cryptocurrencies to retest key levels. The token retraced 21% in the past week, briefly losing its three-week price range on Saturday.<\/p>\n However, XMR has bounced<\/a> from this level over the past two days after reclaiming the $325 mark and nearing the $370 resistance.<\/p>\n Analyst Sjuul from AltCryptoGems affirmed that \u201cMonero has an impressive chart and is likely one of the few \u2018dino\u2019 coins not far from breaking its all-time high.\u201d<\/p>\n He highlighted that XMR is retesting the recently flipped support and resistance zone, which is key for a rally continuation. Losing the $310-$345 area could send the cryptocurrency toward the gap between this level and the next major support around the $220 mark.<\/p>\n Similarly, analyst Rekt Capital previously noted Monero repeated its early 2021 playbook after breaking out of its multi-year accumulation range in Q4 2024, surging above the $286 resistance and hitting last cycle\u2019s high levels.<\/p>\nXMR Rally Hangs On This Level<\/h2>\n