XMR’s price has seen a 2.30% increase over the past day, making it one of today’s strongest performers in the crypto market. The price is now testing a key resistance level that could signal its next direction. At writing, XMR trades at $224.34.
Looking at the daily chart, Monero’s price has been trending up with stronger peaks and valleys since mid-2024. The price recently broke through the $220-$230 range that was holding it back. Now it’s pushing against tougher resistance between $240-$250.
The XMR price is forming what traders call a rising wedge – the trend lines are slowly coming together as the price moves up. This pattern often signals potential bearish reversals, especially when combined with other weakening momentum indicators. If Monero’s price fails to sustain above the wedge’s lower boundary near $220, it could face a deeper pullback.
Monero Key Support and Resistance Zones
The chart outlines crucial support and resistance levels for Monero’s price. Immediate support lies at $220, the lower boundary of the rising wedge. Below this, stronger horizontal support is observed between $180 and $200, a zone that served as a base during previous consolidations.
On the upside, Monero must break decisively above the $240–$250 resistance range to target new highs. A breakout could push prices toward $260 or higher. However, failure to overcome this level may result in increased selling pressure.
Momentum indicators offer a mixed outlook for Monero. The RSI is at 55, signaling neutral momentum. However, recent lower RSI peaks suggest a potential weakening of bullish pressure. Meanwhile, the MACD indicator shows the MACD line slightly below the signal line, with red histogram bars indicating bearish momentum. These signals align with the bearish implications of the rising wedge pattern.
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Potential Scenarios Ahead for XMR Price
The price of Monero is testing a key area between $240 and $250, with a rising wedge pattern forming. Breaking above this zone could push prices higher, while falling under $220 might send it back to test $200 or $180 support.
Monero’s recent performance puts it among the market leaders right now. Traders are watching closely to see if it keeps climbing or pulls back from these levels.
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