Monero (XMR) has recently signaled a long-term bullish shift, highlighted by a golden crossover and a breakout from a period of consolidation. This analysis is provided by CoinDesk’s Omkar Godbole, a Chartered Market Technician.

For the last 12 weeks, gold (XAU) has consistently outpaced Bitcoin (BTC), attracting significant investor interest. However, according to technical indicators, this trend may be nearing a reversal.

Gold has surged 22% this year, driven by increased safe-haven demand and arbitrage activity where traders have moved physical gold to the U.S. to benefit from premiums in the Comex market. In contrast, Bitcoin has fallen over 8%, resulting in a 25% decline in the Bitcoin-to-gold ratio, which tracks Bitcoin’s price relative to gold’s per-ounce value.

This downtrend, however, was broken this week. The Bitcoin-to-gold ratio surpassed key trendlines from the January 20 and March 3 highs, signaling a bullish breakout. This suggests that Bitcoin may soon recover and catch up to gold’s strong performance.

Supporting this shift is analysis from Theya Research’s Joe Consorti, who notes that Bitcoin tends to lag gold by 100 to 150 days. Additionally, the positive flip in the MACD histogram and the bullish crossover of the 5-day and 10-day simple moving averages (SMA) both reinforce the likelihood of an upward shift for Bitcoin.

Monero’s Golden Cross Fuels Long-Term Bullish Outlook

Monero (XMR) is also experiencing a positive shift after a strong recovery from $165 to above $200 last week. The formation of a long-tailed candle on the weekly chart indicates that there is strong demand for the token at lower levels.

Monero has broken out of a prolonged consolidation phase, with its 50-week simple moving average (SMA) crossing above the 200-week SMA, confirming a golden crossover and signaling the start of a potential long-term bullish trend.

Immediate resistance levels for Monero are at $242 (February high) and $289 (April 2022 high), with support at $200 and the recent low of $165.

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