Renowned trader Peter Brandt has made headlines by betting on Monero (XMR), citing its promising bullish potential in the cryptocurrency market. According to analysts cited in the report, the outlook is promising, and his decision, shared in a recent post on X, is rooted in technical analysis that suggests a significant upward trend for the privacy-focused coin.
Monero's Impressive Rally
Monero, often dubbed 'crypto silver', has been on an impressive rally, with its price skyrocketing by 556.5% in just the past week and an astonishing 730.9% increase over the last month.
Brandt's Trading Insights
Brandt, known for his trading acumen, humorously noted that he prefers to keep his trading successes discreet to avoid attracting skepticism from critics. He stressed the importance of relying on chart analysis rather than the often misleading narratives found on social media.
Future Potential for Monero
Brandt hinted that Monero's trajectory could resemble that of silver's breakout, suggesting further potential for growth. Currently, Monero is trading at $711.49, having surged 457% in the last 24 hours, although it is worth noting that trading volume has seen a decline of 56%.
In a notable shift, investors have moved capital from Bitcoin and Ethereum to emerging assets like Solana and XRP, reflecting changing market dynamics. For more details, see the full report here.
