Monero's Xmr Hits $500 For The First Time Since 2021 As Rival Zcash

History shows XMR has repeatedly failed near record highs, risking another sharp pullback unless it decisively breaks above $500–$520.

Monero jumped above $500 as traders favored it over Zcash amid governance turmoil.

History suggests XMR risks a sharp pullback unless it firmly breaks above $500–$520.

Monero (XMR) surged past the $500 mark for the first time since its peak in May 2021.

On Wednesday, the Electric Coin Company (ECC) team behind Zcash resigned en masse, citing intolerable working conditions and board disputes over the project's assets and direction.

The fallout exposed deep rifts in Zcash's leadership, particularly involving the Bootstrap Project and funding allocations. ZEC's price plummeted by over 20% days after the mass resignation, reaching a weekly low of around $360 over the weekend.

Monero also drew support from a wave of bullish institutional commentary.

As of January, XMR was on the cusp of price discovery while eyeing a breakout above its record high of around $517.50.

Similar breakout attempts occurred seven times in the past, each failing and followed by sharp corrections, ranging from roughly 40% to as much as 95%, toward an ascending trendline support.

XMR will risk entering a prolonged correction phase if history repeats, taking its price toward $200-270, an area aligning with the lower trendline support and prevailing Fibonacci retracement lines.

Source: CoinTelegraph