Gate News bot message, analysts believe that Monero (XMR) will perform better than Bitcoin this year, and this trend may continue in the coming weeks.
The XMR-BTC exchange rate recently rose to its highest point since January 2024, confirming a “double bottom” breakout on the weekly chart.
A double bottom consists of two consecutive peaks and roughly the same low points, representing the exhaustion of a previous downtrend. It also includes a horizontal line known as the neckline resistance level, which connects the temporary rebounds between the two troughs, and a breakout of the neckline can confirm the breakout of the market trend or a bearish to bullish reversal.
The exchange rate reached two lows around 0.00165 earlier this year and has recently broken through the neckline resistance, indicating a bullish reversal in a double bottom pattern.
In other words, the XMR-BTC pair may have initiated a new bull market. The breakout of the Ichimoku chart also indicates the same situation. However, it is important to note that if it falls below the double top support level (the previous resistance level) again, the bullish outlook may become invalid.
Market data shows that XMR has risen 86% this year, far exceeding Bitcoin’s 12% increase.
Source: CoinDesk
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