Monero (XMR) is eyeing $600 after breaking above the $558 resistance level.

According to blockchain media outlet U.Today on Oct. 18, XMR rose about 4 percent over 24 hours and is now trading above $592. The market is focused on whether the rebound will be a short-term pullback or extend into further gains.

The rally began in August. XMR gained momentum after breaking above $410, which had acted as resistance for months. It rose 43 percent in August alone, topping $500 for the first time since January. A THORChain upgrade also supported the rise. It expanded trading routes by allowing XMR to be swapped for assets on other chains without going through a centralised exchange.

Supply factors are also cited as bullish. Monero is already facing delisting pressure from several major platforms, and investors have been moving holdings to private wallets instead of selling. That reduced circulating supply on exchanges, meaning fewer tokens are readily available to sell.

Still, signs of overheating are also emerging. In August, the increase rate of XMR swaps on ChangeNOW was limited to 1.43 percent, while the price rose 43 percent. That indicates the price climbed far faster than actual usage.

In past rallies, a sharp rise in social media interest and high leverage have appeared together near short-term peaks. In August, one whale investor took a 4-times leveraged long position worth about $14 million. Such large bets can amplify gains, but forced liquidations carried out rapidly can also trigger steep declines.

A medium- to long-term variable is regulation. European Union legislation is pressuring licensed exchanges to gradually delist Monero by 2027. That means accessibility and liquidity could weaken over time. Demand for privacy coins, however, remains high.

This move is notable because it reflects not only price gains but also expanded trading routes and a decline in exchange supply. The gap between the pace of actual usage growth and price increases, and regulatory pressure through 2027, remain factors that could determine whether the trend persists.