Monero (XMR) Price Unmoved During Market Drop, Nears Key Resistance Level

Key Takeaways

• Monero has approached critical resistance at $181, a key level since May 2022.
• Potential bullish breakout could lead to major uptrend.
• Downturn to $131 likely before sustained uptrend in 2025.

Despite the market downturn, the price of Monero (XMR) has remained in an uptrend since Aug. 5 and reached $177. However, it has approached a critical resistance level of around $181, keeping the price below since May 2022. 

Will it be able to blast through this time, or will we see yet another rejection? 

Monero Price Analysis 

Since the start of 2024, Monero (XMR ) has been underperforming compared to the broader crypto market. From June 2022 until late December 2023, the XMR price moved sideways before reaching a peak of $180.

After encountering resistance at $180, Monero entered a significant downtrend, falling 45% to a low of $100 on Feb. 6. It then recovered to a lower high of $152 on March 9, then further declined to $105 on April 16.

On June 11, the price hit the key resistance area again. Still, its subsequent decline maintained a higher low of $136 on Aug. 5. This is why there is a potential behind the current uptrend to push the price above its last high, effectively making an upward breakout. 

Should this happen, the onset of a new major bullish phase could be ahead for Monero. 

XMR Price Prediction 

Zooming into the 4-hour chart and examining the wave structure, we can see that the uptrend from Feb. 6 could be a five-wave impulse. However, it is worth noting that on its last downturn on Aug. 5, the price entered the range of its previous correction, which can only occur in leading diagonals. 

Its last advancement from Aug. 5 also shows a five-wave pattern with a very close ending point. Considering the proximity of the horizontal resistance zone, the breakout will not occur right now. 

Even if Monero is in a leading diagonal from February, it should be completing the pattern, making a downturn from the $180 area to its 0.618 Fibonacci retracement level of $131. Only after completing its first bull cycle correction can we see a sustained uptrend leading to a breakout. This could catapult the price to new highs later in 2025. 

About the Author

Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.

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