Peter Brandt names Monero his favourite as privacy coin surges towards $600

The privacy-focused cryptocurrency Monero has once again impressed the crypto market, climbing convincingly above $600 for the first time in weeks. The notable price jump followed comments from renowned technical analyst Peter Brandt in early October, when he said Monero was currently his favourite chart among the major cryptocurrencies.

Although Brandt did not give a specific price target in his analysis on 6 October, his positive assessment brought fresh attention from traders. Many investors see the $600 threshold as an important psychological milestone, which gave the veteran trader’s comments extra weight. Sentiment around XMR has clearly improved since then.

The price rise appears to be largely the result of market sentiment and technical analysis. After Monero fell back to around $516 on 11 October, the trend quickly reversed. Buyers returned to the market and pushed the price back above the key resistance level around $600 in a short time.

Obstacle

Analysts point out that Monero has long occupied a special position within the crypto sector. Its strong focus on privacy keeps the project one of the best-known and most widely used privacy coins in the world. The combination of a technically strong chart, renewed investor interest and support from a well-known market veteran such as Peter Brandt has refocused attention on XMR.

The big question now is whether Monero can hold the breakout, or whether the $600 threshold will prove to be an obstacle again. For the time being, however, the bulls appear to be firmly in control.