Key takeaways
- Monero surges past $600 after Brandt's bullish assessment
- XMR advances roughly 6% during October 18 trading
- September resistance near $630 becomes next upside target
Monero (XMR) has broken above $600 after surging approximately 6% on October 18, extending a recovery that closely follows veteran trader Peter Brandt's bullish assessment of the privacy-focused cryptocurrency earlier this month.
XMR climbed from roughly $570 to an intraday high near $608, marking its strongest price levels in several weeks. The rally comes just four days after Coinpaper identified $600 as a potential recovery target when Monero was trading around $550.
The breakout is particularly notable because Brandt previously singled out Monero as his preferred technical setup among several major cryptocurrencies, including XRP, Ethereum and Solana. With $600 reached, attention now shifts toward whether buyers can sustain the move and challenge the September resistance near $630.
Peter Brandt's Monero Chart Call Plays Out
In an October 6 post, Brandt identified XMR as his favorite chart among the cryptocurrencies he examined, citing its relatively favorable technical structure.
"Of these, my favorite by far is XMR," he wrote, explaining that his assessment reflected price behavior rather than Monero's underlying technology or investment narrative.
His argument centered on overhead supply, the potential selling pressure created by investors who purchased an asset at higher prices and might exit when it recovers. Brandt suggested that Monero had already absorbed much of that supply, leaving fewer technical obstacles than XRP.
The observation preceded Monero's latest rally, although Brandt did not issue a specific $600 prediction or confirm that he had opened an XMR position.
Coinpaper's earlier Monero forecast identified $565 as the first important resistance level, followed by potential advances toward $580–$600.
XMR has now cleared those levels after rebounding from approximately $516 on October 11, an advance of roughly 18% to Sunday's intraday high.
Monero Price Prediction: Can XMR Reach $630?
The immediate challenge for Monero is maintaining its position above $600, a psychologically important threshold that previously attracted selling pressure.
A sustained move above $600-$608 would strengthen the bullish structure and bring $620 into focus, followed by the September high around $630. Reaching $630 from $600 would require another 5% advance.
However, an intraday move above resistance does not guarantee a lasting breakout. Failure to hold $600 could encourage profit-taking toward $580, with the former $560-$565 resistance region becoming the next important support area.
A decline below $565 would weaken the current recovery and expose XMR to the $545–$550 region, while further selling could bring the October low near $516 back into consideration.
Privacy Coin Momentum Returns as XMR Reclaims $600
Monero's rally also marks another chapter in a volatile year for privacy-focused cryptocurrencies. XMR previously broke above $600 during January's powerful advance before experiencing substantial corrections.
Its subsequent September selloff demonstrated how quickly gains can reverse when traders take profits and liquidity becomes less supportive.
Monero's limited availability on some centralized exchanges remains an important market consideration, potentially amplifying price movements in both directions.
