Monero Shows Strength in Market Correction | Credit: Hameem Sarwar
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Key Takeaways
Monero (XMR) bounced at its previous ascending parallel channel.
The XMR price trades below the $320 horizontal resistance area.
Can XMR break out above this resistance and reach a new cycle high?
Monero (XMR) has held up better than most in the current crypto market correction, trading nearly 30% above its August lows.
Today, the XMR price is attempting to bounce at a critical horizontal support level and move toward $325.
If XMR breaks out, it could quickly move to a new cycle and possibly an all-time high.
XMR Price Analysis
The weekly time frame shows that the XMR price has started its upward trend in December 2024, after breaking out from the $180 horizontal resistance area.
The area had existed for over two years, so the breakout was a decisive sign that a new bullish trend had begun.
Once XMR broke out from the $320 resistance, it was only a matter of time until the price hit a new all-time high.
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However, momentum indicators are undecided. The Relative Strength Index (RSI) is at 50 while the Moving Average Convergence/Divergence (MACD) is just above 0.
So, the weekly time frame analysis does not confirm if the XMR prediction is bullish or bearish. Whether the price breaks out above $320 will determine what happens next.
Why is XMR Going Up?
While the weekly time frame is undetermined, the daily one leans bullish.
The daily technical analysis shows that XMR completed an A-B-C correction (black) between May and August. The correction was contained inside a descending resistance trend line.
Afterward, the XMR price broke out from the September trend line, reclaiming the $285 area shortly afterward.
Today, the XMR price bounced (green icon) and is confirming the $285 area as support, which, if successful, would be a significant bullish milestone.
The bounce is essential because of the price action and because the RSI bounces at 50 (black circle). Hence, a continued upward trend would be bullish both the price action and momentum indicators.
If the upward movement continues, the primary resistance will be $325.
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.
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.
