Is Monero (XMR) Price Set for a Strong Breakout? XMR Price Prediction

Monero (XMR) has shown steady price movements in the past few months. At writing, XMR sits at around $219.09. However, the market shows an interesting

Monero (XMR) price has shown interesting movements on the price charts in the past few hours. The cryptocurrency has been making a series of higher highs, but the strength behind each move seems to be getting weaker. This has formed a rising wedge on the XMR charts, which could hint at a potential price drop.

However, if Monero manages to break out from the upper boundary of the wedge, then we could expect to see a strong push upward. In this case, the price of XMR might target the $270 – $300 zone before making another move. A breakout from the rising wedge is bullish for XMR.

On the other hand, if the price of Monero fails to hold the support below and drops lower, then we can expect to see the price of XMR retrace toward the previous support zones. In this case, the lower support levels are around the $180 – $200 zone, which could act as a final line of defense before further drops. A breakout below this support is bearish for XMR.

As the price of Monero continues to navigate this critical juncture, two scenarios are unfolding. The first scenario involves an upward breakout from the rising wedge, targeting higher levels. At the same time, the alternative scenario considers a price breakdown, leading to a retrace toward the previous support zones.

Ultimately, the direction of the breakout will provide further insight into the market sentiment and the upcoming price movements of Monero (XMR).