Monero (XMR) Price Hits Critical Resistance – Key Levels to Watch

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.

Monero (XMR) is among the top performers in the crypto market today, with a 2.30% price increase over the last 24 hours. At the time of writing, XMR is trading at $224.34, testing a crucial resistance level that will signal its next directional bias.

Observing the daily chart, we can see that Monero’s price has been trending up since mid-2024, forming higher highs and higher lows. The price recently broke out of the $220-$230 range that was keeping it bounded. Now, it’s pushing against stronger resistance at $240-$250.

The XMR price is forming what traders like to call a rising wedge – the trend lines are slowly coming together as the price moves up. This pattern often signals a potential bearish reversal, especially when combined with other momentum indicators that are showing less strength. If Monero’s price fails to sustain above the lower boundary of the wedge around $220, we could see it pulling back deeper.

Monero Key Support and Resistance Zones

The chart outlines crucial support and resistance levels for Monero's price movements. Immediate support lies at $220, which is the lower boundary of the rising wedge. Below this, we have stronger horizontal support at $180 to $200, which acted as a base during previous consolidations.

On the upside, Monero needs to break decisively above the $240–$250 resistance zone to target new highs. A breakout could push prices toward $260 or higher. However, failure to overcome this level may lead to increased selling pressure.

Momentum indicators are showing a mixed outlook for Monero. The RSI is at 55, which signals neutral momentum. But lower RSI peaks recently suggest a potential weakening in bullish momentum. At the same time, 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.

Also Read: Crypto Analyst: Litecoin (LTC) Primed for a Surge to $129—If This Happens

Potential Scenarios Ahead for XMR Price

The price of Monero is testing a key area between $240 and $250, forming a rising wedge pattern. 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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