Monero (XMR) price is exhibiting robust bullish behavior, with the cryptocurrency defending critical support levels and aiming for higher resistances amid sustained upward momentum. After a period of market volatility, XMR has successfully held the $338 high-timeframe support, reinforced by bullish engulfing candles that signal strong buyer interest and accumulation opportunities.
Currently, Monero is trading in a consolidation phase between key support at $315 and resistance near $356.99, with a recent 3.49% surge in 24 hours pushing the price to $353.47. Weekly gains of 4.81% and trading volumes exceeding $140 million underscore growing market excitement for a potential breakout. Analysts, including @NoirBit14, emphasize that a decisive close above $350 could trigger a rally toward $355 and $360, with the next major target at $420—the yearly high for 2025.
Technical indicators support the bullish outlook, with momentum favoring continued upside and RSI levels remaining positive but not overextended. The macro structure reveals a larger symmetrical triangle or accumulation phase, suggesting that breaking resistance at $479.67 could unlock long-term targets near $600. However, traders must monitor volume behavior; a sustained increase on breakout confirmation would validate upward momentum, while declining participation might lead to short-term consolidation.
Overall, Monero's market structure remains decisively bullish, characterized by a sequence of higher lows and higher highs. A daily close above $420 would confirm the continuation of the long-term uptrend, while failure to breach resistance could result in a retest of support zones.
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