Legendary trader Peter Brandt compared Monero’s chart structure to that of silver before its rally to nearly $125 per ounce. The privacy cryptocurrency is currently near a multi-year resistance level that has been in place since late 2017 to early 2018, including other peaks such as the 2021 run. XMR trades around $575.89 with a market cap placing it in 13th position, up 90.3% over the past year. Brandt has not provided a price target nor explicitly predicted a similar move to silver, which experienced a correction of over 50% after its peak. Nevertheless, the cryptocurrency remains above its 8-month and 18-month moving averages, indicating that the general uptrend is still in play.
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