Monero, despite a recent pullback, remains within a high-timeframe bullish trend. The current decline is seen as a correction rather than a full reversal.
Key Technical Points
Key points:
* **Major Support:** $269; confluence of VWAP, 0.618 Fibonacci, and historical support. * **Uptrend Still Intact:** Current move is a correction, not a trend reversal. * **Target to Watch:** $417; macro resistance if a higher low is established. * **Volume Profile:** Currently above average; must remain strong near support to confirm demand.
Importance of the $269 Support Level
The $269 support zone carries significant technical weight. It has served as a volume-supported region in past rallies and is now reinforced by the VWAP and key Fibonacci levels. Historically, price action has reacted positively to this area, and the likelihood of a bounce is high, provided volume confirms it.
Expectations for Upcoming Price Action
Watch how Monero behaves around the $269 support level. A bounce supported by strong volume and accumulation could kick off a fresh rally toward $417. But if volume fades and support breaks, a deeper correction may follow before bulls can regain control.
Monero is facing pressure; however, the $269 support level may provide a new growth impetus. Traders should closely monitor volume and accumulation on lower timeframes.
