Monero (XMR) surges 20% weekly to near $650 following GUI v0.18.5.4 release, with analysts targeting potential new all-time highs, though overbought RSI signals caution.
Macro & Markets ·
Monero (XMR) has climbed 20% over the past week to trade just below $650, reaching its highest price since January. The rally follows the Monero team's release of GUI v0.18.5.4 'Fluorine Fermi', a minor upgrade that reopened testnet and stagenet wallets and included bug fixes. Market analysts have turned bullish, with some predicting the privacy coin could reach $1,000 and establish a new all-time high within coming months, citing chart patterns including potential cup-and-handle and breakout formations.
Several headwinds temper the optimism. Exchange netflows have surpassed outflows in recent days, signaling that investors are moving holdings onto centralized platforms rather than self-custody, which typically increases near-term selling pressure. XMR's Relative Strength Index has risen near 70, placing it close to overbought territory—a condition historically preceding price corrections. One analyst flagged record open interest as a risk signal, though that claim remains disputed; a competing analytics source characterized the current open interest level as the fifth-highest daily close of the past year rather than unprecedented.
It remains unclear whether the rally will sustain or whether the technical warnings will trigger a pullback. No timeline or probability estimates have been offered for either outcome.