The strength of the cryptocurrency market is spreading appears to be spreading to privacy-focused coins. The calm price action of Bitcoin (BTC) often sets up an intense period for altcoins to rally, where several groups of coins can start becoming bullish.
One of those segments is the privacy coin segment. For example, Monero (XMR) rallied by more than 50% last week. Meanwhile, Dash (DASH) has more than doubled with a 125% gain while Zcash (ZEC) rallied by 70% during the same period.
Monero breaks out of USD downtrend XMR/USD 1-week chart. Source: TradingView
Prior to the rally, XMR was lagging behind Ether (ETH) as the construction is quite similar between the two. After a two-year-long accumulation period, ETH price finally broke to the upside at the beginning of 2021.
Such breakouts often see a support/resistance (S/R) flip, after which the price of the underlying asset can continue rallying. This S/R flip zone for Monero price is marked with the