Monero's (XMR) price is starting to form a bullish rounded bottom, indicating accumulation at current levels. Analysis suggests a potential move towards key resistance at $417.
Key Technical Points
Monero's price is attempting to breach a resistance level that coincides with the upper boundary of the volume profile. This creates strong resistance, and the reaction at this level will dictate the next stage of price action.
Structure and Support of Monero
Key support is found around $269, where the 0.618 Fibonacci level and VWAP support intersect. This area serves as the foundation for the developing rounded bottom and is crucial for potential reversal.
Market Expectations
If the price holds above the $269 support level, it may lead to a slow but steady rally towards the $417 resistance. However, a failure to defend this key level could invalidate the rounded bottom pattern and delay bullish continuation.
Monero displays intriguing technical signals that may indicate future gains. Monitoring the volume at the $269 support will be a crucial factor in confirming this movement.
