Monero(XMR) breaks $500 for the first time in 3 years amid the collapse of JACASH... The key resistance level for continued growth is $520

Source: TokenPost Original Title: Monero(XMR) Breaks $500 for the First Time in 3 Years Amid Zcash Collapse… Key Resistance at $520 Original Link: https://www.tokenpost.kr/news/cryptocurrency/322990

Privacy Coin Monero Breaks $500 After 3 Years

Privacy coin leader Monero(XMR) has surpassed $500( approximately 730,000 won) for the first time in three years. The market’s attention has shifted to Monero, which has remained relatively stable, following a sharp decline in its competitor Zcash(ZEC) due to internal conflicts.

As of Sunday, Monero’s price increased by over 20% compared to the previous week, reaching $500.66( approximately 731,241 won) intraday. This is the first time since May 2021 and is close to the previous high of about $517.50( approximately 755,594 won) during the last bullish cycle.

Zcash Internal Collapse and Institutional Preference for Monero

The most direct cause of Monero’s surge is the collapse of Zcash’s leadership. Last week, all employees responsible for Zcash development resigned from Electric Coin Co.(ECC). They cited conflicts over asset allocation and governance with the project’s operating organization, Bootstrap. As a result, Zcash’s price fell over 20% during the week and dropped to around $360( approximately 525,564 won) over the weekend.

Institutional investors also shifted their focus to Monero. Major firms like Grayscale and Coinbase recently released reports suggesting that the market potential for privacy coins could grow, mentioning Monero as a key investment target. This is seen as a response to increasing market demand for ‘financial privacy’ amid tightening regulations.

Consequently, traders are believed to be increasing their bets on Monero, which has more stable technology and fundamentals, rather than on the chaotic Zcash.

Technical Analysis: Rebound vs. Reversal at a Crossroads

However, some market analysts warn that we may be approaching a turning point from a long-term perspective. There have been multiple failed attempts to break through the $500–$520 range near the 2021 highs.

Chart analysis shows that Monero has attempted to surpass $500 seven times in the past around this level, but most attempts resulted in reversals, with declines ranging from 40% to 95%. In such cases, the price could retrace to the $200–$270( approximately 292,000–394,000 won) range. This zone overlaps with previous major support levels and Fibonacci retracement lines.

On the other hand, a decisive breakthrough above the $520 resistance could signal a long-term breakout similar to Bitcoin(BTC) and Ethereum(ETH), which shifted into bullish phases after 2025. In this scenario, the mid-term target price is projected to be around $775( approximately 1,131,422 won) based on Fibonacci extension.

Conclusion: Need to Confirm Sustainability

Amid Zcash’s crisis, Monero has gained relative advantage and has become the most prominent privacy coin in the market this week. However, technically, it is currently in a resistance zone where rebounds have repeatedly occurred, making the breakout a critical juncture that could determine future direction.

Whether Monero’s rise will be a one-time rebound or a signal of a market shift in privacy coins requires cautious monitoring in the coming weeks.