2024-12-22 13:00 |
Monero’s price has been all over the place lately, making traders watch certain price points very carefully. After moving sideways for a while, XMR finally made a big move, catching many people’s attention. Let’s look at the important price levels and patterns that show where Monero might be headed.
XMR’s price movements have established key support and resistance levels that are guiding trading activity. The support zone around $150.45 was repeatedly tested during an extended period of consolidation earlier this year. After the breakout, $175.19 emerged as another support level, marking the pullback point for traders anticipating further bullish momentum.
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On the resistance side, $200.24 serves as a key barrier, with price action showing multiple rejections at this level. The next major resistance stands at $225.41, representing the upper limit of the recent price rally.
Trends and Market MovementsBetween March and November, Monero’s price remained range-bound, moving horizontally between $150.45 and $175.19. This consolidation phase indicated a period of market accumulation. In December, a breakout above $175.19 signaled the beginning of bullish momentum, as traders capitalized on the sharp upward movement.
The price rally took XMR to $225.41, where resistance caused a retracement. After testing the $200.24 level as support, the price briefly fell below this point, suggesting some hesitation in the bullish trend.
Swing Entry Points and Market SentimentTraders identified $175.19 as a critical swing entry point, leveraging the principle of previous resistance becoming support. The pullback to this level post-breakout provided opportunities for long positions as the price rallied toward higher resistance zones.
The breakout from the prolonged consolidation phase suggests a generally bullish sentiment. However, short-term trends appear uncertain as XMR’s price struggles to maintain levels above $200.24. A move above this resistance could indicate renewed bullish momentum, while a drop below $175.19 may signify a return to the prior range.
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The post Monero (XMR) Price Analysis: Key Levels to Watch After Recent Rally appeared first on CaptainAltcoin.
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