Monero (XMR) prices have recently shown signs of activity after weeks of stagnation. The daily chart suggests potential changes in trading dynamics.
Current Price and Trends
On the daily Heikin Ashi chart, XMR's price is around $322.40, showing a small gain after bouncing from a recent local low near $300. The last major uptrend in late April to May took Monero's price from approximately $160 to a peak just above $400, marking a 150% rally. The recent sideways movement between $300 and $330 indicates a consolidation phase.
Indicators and Support Levels
The RSI (14) is hovering at 52.66, indicating a balanced state of price momentum. If RSI continues rising toward 60–65 while the price stays above the $310–$320 range, another strong rally could be anticipated. The immediate support zone sits around $310–$318. A daily close below this may lead to a retest of deeper support near $280.
Is Monero Ready for a New Rise?
The current situation suggests that if Monero maintains an average daily gain of 2%, it would need about 10–12 sessions to reach $400. If the price continues to rise and closes above $340, it would open paths to higher levels. However, caution is essential in this volatile trading range.
Monero's chart indicates a potential new rally; however, overcoming the $340 mark is crucial for achieving this. The support at $310 remains critical to prevent a decline toward $280.
