Legendary trader Peter Brandt has revealed he took a bet on Monero (XMR) as a result of the asset’s bullish potential on the cryptocurrency market. In a post on X, Brandt shared that his decision was based on technical opportunity on Monero’s chart analysis.
Why Monero’s breakout rally caught Brandt’s attention
Monero, sometimes referred to as “crypto silver,” has been on a breakout rally, and its price jumped by 55.65% in the last seven days. In the last 30 days, Monero has yielded a 73.09% gain for its holders, including Brandt, who “confessed” to buying some of the asset after noticing its bullish potential.
The veteran trader, however, downplayed his profits by poking fun at critics and skeptics who dismissed his long track record of successful trading.
“But do not tell anybody that. It should never be known that I have profits every so often. The trolls must believe I am not successful in trading,” he wrote.
The remark implies that Brandt generally bets on an asset strictly on chart structure, not online narratives or speculations. Hence, the veteran is able to mock those who believe that he ever makes money trading.
Notably, Brandt is reinforcing his long-standing records of success in the financial sector and emphasized that experience always wins over noise. He is also signaling that traders should focus more on studying charts over hype as social media narratives do not reflect actual trading performance.
Brandt’s message could also suggest that XMR might mirror silver’s breakout surge and aim for the $1,000 level if history aligns. This is likely given that there is a rising demand for privacy-focused cryptocurrencies, and Monero guarantees confidential and untraceable transactions by default.
The move has triggered community conversations, suggesting a shift to privacy coins.
Price momentum strong, but technical caution emerges
As of press time, Monero exchanges hands at $711.49, which is a 4.57% increase in the last 24 hours.
The coin rose from a low of $643.02 to peak at $716.99 before settling at the current price. However, trading volume has dropped by 5.6% to $492.38 million, possibly as it nears the overextension zone.
Monero’s Relative Strength Index (RSI) is currently at 86 and, historically, a rise of RSI above 80 often precedes up to 15% market corrections. The asset’s continued bullish run might be a result of the huge demand for privacy coins.
This has supported Monero’s climb into the top 15 crypto assets by market capitalization. It sits in 11th place and is about $2.1 billion away from Cardano, which completes the top 10 list.
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