Privacy Coins XMR, VVV, PHA Surge: Will Momentum Continue?

Privacy Coins Surge as Bitcoin and Ethereum Lag

While major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) have experienced weekly declines, a trio of privacy coins—Monero (XMR), Venice Token (VVV), and PHALA (PHA)—have posted significant gains. This article explores the factors that could fuel further rallies for these assets and their potential next price targets.

Monero (XMR) Eyes New Highs Amid Breakout

Monero’s price recently surged past $620 before settling back to approximately $598. Analyst Ali Martinez observed that XMR appears to be testing resistance within an ascending triangle pattern on the hourly chart. He suggests that a confirmed hourly close above $620 could trigger a breakout, potentially pushing the price towards $630.

Another perspective from FOUR | Crypto Spaces highlighted XMR’s transition from a period of stagnant trading to an active breakout attempt. This user noted that a long-standing trendline suppressing the valuation has been broken. The next critical challenge for buyers, according to this analysis, is to maintain support above the breakout zone around $540. If this level holds, a move to $675 could be on the horizon.

Veteran trader Peter Brandt and Crypto Rover also weighed in. Crypto Rover anticipates a substantial three-year breakout for Monero, predicting a strong rally in the near future. Brandt drew a parallel between XMR’s current chart structure and that of silver prior to its significant price surge earlier this year.

However, not all analysts share this optimistic outlook. Doctor Profit pointed out that Monero’s open interest has reached historic highs. This analyst cautioned that a similar surge in open interest in the past preceded a sharp 66% price crash within a 20-day period.

Venice Token (VVV) Consolidates Before Potential Advance

Venice Token has seen a notable increase of roughly 12% over the past week, with its current trading price around $25.70. With a market capitalization exceeding $1.25 billion, VVV ranks as the 71st-largest cryptocurrency.

Ali Martinez noted that Venice Token recently consolidated within a channel on the four-hour chart. He indicated that a sustained close above $25 could signal a break from this range, potentially driving the price to $27 or even $29.

In a separate analysis, nordin.eth suggested that VVV is experiencing a “squeeze” near long-term support. This analyst identified the $21.50-$22 zone as a crucial level for bulls to defend. For a more significant upward movement, nordin.eth sees $25.50 as the initial resistance to overcome, with the subsequent target set at $30.77. “One clean breakout and the chart starts looking very different. Bears better hope that resistance holds,” the analyst added.

PHALA (PHA) Shows Modest Gains Amidst Volatility

PHALA (PHA), a less prominent privacy coin, has gained approximately 5% over the last week, trading around $0.056. The asset recently experienced a surge past $0.06. Martinez suggested that a sustained 30-minute close above $0.066 could lead to a further rally towards $0.073. However, the price has since pulled back from these highs.