Monero (XMR) price has been in a relentless bull run this year, targeting the all-time high

Monero (XMR), the biggest privacy-focused coin, has risen for seven consecutive weeks, reaching a high of $402.

Monero price has been in a relentless bull run this year, and is not losing steam as bulls target the all-time high.

Monero (XMR), the biggest privacy-focused coin, has risen for seven consecutive weeks, reaching a high of $402. Last week was its best one in this cycle as it jumped by over 20%.

This performance is notable for a coin delisted by most tier-1 exchanges like Coinbase and Binance. Most of its trading is happening in KuCoin, HTX, and MEXC.

XMR price has jumped by almost 300% from its lowest level in 2024, bringing its market cap to $7.4 billion.

Monero price technical analysis: weekly chart

The weekly chart shows that the XMR price has surged this year after spending three years in a tight range between $127 and $187. This price action is a sign that it has moved into the markup phase of the Wyckoff Theory, which is usually characterized by higher demand than supply.

Monero has remained above the 50-week and 100-week Exponential Moving Averages. The Relative Strength Index shows that it has become highly overbought.

Therefore, the bullish trend will likely continue as bulls target the all-time high of $517, about 27% above the current level. After hitting that resistance, it will likely enter the Wyckoff Theory’s distribution phase and pull back.