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Monero (XMRUSD) is now aggressively breaking into new all-time highs, in line with expectations. On the monthly chart, price action continues to suggest significant room for further upside. Monero may be unfolding a five-wave bullish impulse, or alternatively, breaking out from a larger bullish triangle formation. In both scenarios, the technical picture supports much higher levels, with ample space toward the projected triangle target zone.

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XMRUSD Monthly Charts

On the weekly timeframe, we are still tracking a projected extended wave (5) of wave 3. Fibonacci cluster targets continue to point toward the 1000 area before a higher-degree wave 4 correction is expected to unfold. At the moment, price appears to be rising within subwave 3 of an ongoing five-wave bullish impulse for wave (5). This suggests that additional gains are likely in the near term.

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XMRUSD Weekly Chart

That said, traders should remain aware of a potential subwave 4 pullback, which would be a normal part of the structure, before a renewed bullish continuation in subwave 5 of wave (5) of 3.

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