Is XMR ready to break out? | Credit: Hameem Sarwar
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Key Takeaways
Monero is showing bullish momentum, with higher highs and strong buying pressure.
The $360–$365 zone is critical, and a breakout above it could drive gains toward $400.
Rising open interest supports the move but increases volatility risk if momentum weakens.
Monero (XMR) is regaining ground after failing to drop below the $300 zone, signaling a potential shift in market sentiment.
The recent recovery comes after a period of weakness that briefly threatened a deeper breakdown.
The privacy token is now approaching a critical resistance cluster near $360, where the next directional move will likely be decided.
While the structure is improving and momentum is building, bulls must still prove strength at this level to confirm a broader trend reversal.
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However, the rally is not yet at extreme levels. This leaves room for further upside if resistance breaks cleanly.
From a structural standpoint, immediate resistance sits at $365. A confirmed breakout above this zone could open the path toward $375 and potentially $390.
OI Surge Fuels Thesis
Against this backdrop, Open Interest (OI) has surged by 7% in the last 24 hours, signaling renewed participation as traders re-enter the market with fresh positions.
Notably, this rise aligns with XMR’s push toward resistance, suggesting growing conviction in the move.
However, elevated OI also increases volatility risk. If momentum stalls, crowded positioning could trigger sharp liquidations, amplifying short-term price swings.
On the daily chart, XMR’s price holds near $361 after a prolonged consolidation phase, following a sharp rejection from the macro top near $800.
Since then, the price has traded below key Fibonacci levels, with $400 now acting as immediate resistance.
However, recent price action shows improving stability. Buyers are gradually reclaiming control, printing higher lows while compressing beneath resistance.
This suggests accumulation rather than exhaustion. Should this trend continue, XMR’s might close in on the point of interest near $476.
Meanwhile, the descending trendline continues to cap upside, keeping the recovery in check.
Momentum indicators support a slow shift. The Moving Average Convergence Divergence (MACD) has crossed into positive territory, signaling early bullish pressure.
At the same time, the Relative Strength Index (RSI) is pushing above 60, reflecting strengthening demand.
Still, conviction remains limited. Unless the XMR crypto price breaks above $400 and sustains momentum, the structure favors continued range-bound movement with a slight upward bias.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
