Monero (XMR) has seen significant price growth over the past day, reaching a crucial resistance level that may determine its next move.
Current Market Situation of Monero
At the time of writing, Monero trades at $224.34. Since mid-2024, Monero's price has been on an upward trend. It recently broke above the $220-$230 range and is now facing stronger resistance between $240-$250. The current 'rising wedge' formation on the chart may signal a potential reversal, particularly if the price fails to sustain above the wedge’s lower boundary at $220.
Key Support and Resistance Levels
The primary support for Monero is at $220, the lower boundary of the rising wedge. A drop could see prices testing the $180-$200 range, which served as a consolidation base in the past. To continue its upward trajectory, Monero must convincingly break the $240–$250 resistance, potentially aiming for $260 and higher. Conversely, failure to achieve this may increase selling pressure.
Potential Scenarios for XMR
The resistance test at $240-$250 alongside the rising wedge pattern could dictate XMR’s future movement. Breaking above may propel the price higher, while dropping below $220 could mean revisiting support at $200 or even $180. Traders remain vigilant, closely following these developments.
Monero continues to be a focal point for investors and traders, presenting opportunities for both further growth and potential declines. As it confronts a critical resistance, the cryptocurrency faces a decisive moment.
