While many leading cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), remain in red territory on a weekly basis, the privacy coins Monero (XMR), Venice Token (VVV), and PHALA (PHA) have posted substantial increases.
XMR’s Potential
XMR recently soared above $620 before retracing to the current $598. Ali Martinez said the asset appears to be pressing against the ascending triangle resistance on the hourly chart. He believes that an hourly close above $602 would confirm the breakout and set the stage for a jump toward $630.
FOUR | Crypto Spaces noted that XMR “went from boring sideways action to a proper breakout attempt.” The X user argued that the trendline that kept pushing the valuation down has finally broken, and buyers’ next challenge is to hold above the breakout zone around $540. If they defend it, this could open the door to a move up to $675, they predicted.
Crypto Rover and veteran trader Peter Brandt also commented. The former claimed the privacy coin is on the verge of a massive three-year breakout and expects a strong rally soon. For his part, Brandt said XMR’s recent chart structure reminds him of silver before it exploded to nearly $125 at the start of the year.
However, not all are so bullish. Doctor Profit noted that the asset’s open interest has hit a historic high and warned that the last time XMR’s OI jumped this much, the price crashed 66% in just 20 days.
VVV and PHA
Venice Token has soared roughly 12% over the past week and is currently trading around $25.70. It boasts a market capitalization of more than $1.25 billion, making it the 71st-biggest cryptocurrency.
According to Martinez, VVV recently consolidated inside a channel on the four-hour chart. He suggested that a sustained close above $25 would signal a break from that range and send the price to $27 or even $29.
Not long ago, nordin.eth claimed VVV is “getting squeezed” near long-term support and described the $21.50-$22 zone as the level bulls need to defend. The analyst sees $25.50 as the first hurdle for a more substantial increase, with the next target at $30.77.
“One clean breakout and the chart starts looking very different. Bears better hope that resistance holds,” he added.
Martinez also turned his attention to PHALA (PHA), a relatively under-the-radar privacy coin that has gained approximately 5% over the past week and is currently trading at about $0.056.
Several hours ago, it surged past $0.06, with the analyst claiming that a 30-minute sustained close above $0.066 could result in a further rally toward $0.073. As mentioned, though, the price headed south instead.
