Monero (XMR) has recently witnessed a significant price rally after confirming a breakout from a period of tight consolidation. This comes despite recent uncertainties surrounding its network, including an 18-block reorganization that caught the attention of miners and traders alike. Currently, Monero is aiming for resistance levels around $344, which could signal further bullish momentum if surpassed.
- $231 Support: A robust bullish reaction from high time frame support initiated the breakout.
- Expansion Through POC: Monero’s price rallied aggressively into the point of control, which is now acting as local resistance.
- Next Target $344: If the momentum persists, the price could advance towards the historical resistance level of $344.
After weeks of price consolidation around its value area low, Monero’s breakout was triggered by a decisive move from the $231 support level. This strong upward shift shows that buyers are maintaining control in the current short-term market structure. Momentum has since propelled Monero into the point of control, where the price is currently facing local resistance.
Interestingly, Monero managed to hold the $300 support level even during the notable 18-block network reorg. This unusual occurrence briefly left numerous transactions vulnerable to reversal, raising concerns about the network’s security. However, the price resilience displayed during this turbulence suggests strong underlying demand and investor confidence in Monero’s stability.
As traders continue to analyze Monero’s market structure, it remains critical for the cryptocurrency to stay above the $231 support region. This support threshold is essential for validating the bullish case moving forward. The immediate target continues to be the $344 resistance, and if Monero clears this level, it may open doors for a broader expansion phase that signals an ongoing bullish trend.
To conclude, while the recent chain reorganization might have caused temporary concerns, the market’s positive response indicates that Monero is in a strong position. As long as the price maintains above vital support levels, optimistic sentiments will likely dominate, paving the way for potential price increases in the coming periods.
