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Veteran trader Peter Brandt has compared the privacy cryptocurrency Monero (XMR) to the legendary silver run-up to almost $125, in a move that could indicate an explosive breakout is due.
In his most recent post on X (formerly Twitter), the commodity trader posted two long-term charts of Monero that resemble the price structure of silver, prior to its impressive run-up earlier this year.
'Except for the OOL move for Jan 2026, the chart structure for $XMR reminds me of the chart structure for Silver before its $125 run,' Brandt said.
Interestingly, silver had a mind-blowing run earlier this year to all-time highs of almost $125 per ounce. The rally was followed by a sharp correction that led to over 50% losses.
Is a Monero breakout in the making?
According to Brandt's monthly chart of Monero, there is a multi-year resistance trendline that has spanned from Monero's epic bull run of late 2017 to early 2018.
The trendline also seems to be connecting other tops in the price (including the 2021 run), forming significant resistance that has been in effect for almost a decade.
Monero is currently near this resistance level, after an impressive recovery from the lows.
The attached chart of silver seems to show a similar long-term resistance structure that silver managed to break through to enjoy a sharp leg higher.
In his post, Brandt has not given a price target for XMR, nor explicitly predicted that it will do anything similar to silver.
Even if it were to break out, it may not necessarily go up by the same amount (after all, it is not the same as a precious metal market).
XMR is up 90% in a year
Currently, Monero is trading at about $575.89 at the time of writing. Its market cap puts the cryptocurrency in 13th place overall.
Even with recent swings, Monero is up an impressive 90.3% over the last year, well ahead of many leading crypto assets.
Looking at the last 24 hours of price action, XMR has been trading between $570.44 and $625.37 (supplied market data).
Brandt's chart indicates XMR is still well above its 8-month and 18-month moving averages, signalling that the general uptrend is still in play.
However, Brandt's comparison comes with a caveat. Silver's mind-blowing run-up was also followed by an equally violent sell-off. Parabolic moves are not for the faint of heart.