Monero’s (XMR) 2024 Breakout Sets Stage for Potential Bull Run to $310

Monero’s (XMR) price remained stuck between $120 and $180 from 2022 to 2024, even as the market hit new highs.

However, 2024 marked a turning point, with Monero (XMR) surging 50% in a week and breaking a 900-day resistance level.

The recent price dip seems less concerning, as it appears to be validating this breakout as a new support level.

If this holds, Monero could soon resume its upward trend.

Let’s examine the charts and see if this bullish XMR prediction is the most likely future outlook.

Monero Bounces at $180

Since June 2022, the $180 resistance level has repeatedly blocked Monero’s upward movement.

Even after breaking a descending trend line in June 2024, XMR couldn’t push past it.

However, in December, Monero finally surged past $180, hitting a yearly high of $231.96 before retracing to retest and hold $180 as support.

This breakout and retest suggest a bullish continuation, with the next target around $310, a 50% increase from current levels.

Supporting indicators like RSI and MACD remain bullish, reinforcing the optimistic outlook. Monero’s integration with the Keystone Hardware Wallet could further bolster this trend.

Can XMR Outperform BTC?

Monero’s performance against Bitcoin shows promise, forming a bullish double-bottom pattern throughout 2024.

This pattern, paired with bullish divergences in the RSI and MACD, signals potential upward momentum.

The critical resistance lies at ₿0.004, a level previously acting as support since 2021.

Breaking this could lead to an 80% increase, with further potential to reach ₿0.058, marking a 170% surge.

While these indicators are promising, more movement is needed to confirm this bullish scenario.

Possible XMR Price Increase

The XMR price has shown resilience by maintaining most of its value during the ongoing market correction. More importantly, the price has not closed below its long-term horizontal support of $180.

As long as XMR trades above it, the most likely future prediction is a 50% increase toward the next resistance at $310.

About the Author

Valdrin Tahiri

Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.

He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.

Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.

He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.

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