- Monero maintains strong bullish momentum with higher lows since early 2024 and support holding above the key $200 level.
- The breakout from a multi-year accumulation range and double bottom pattern signals a bullish reversal with upside potential.
- Price action history shows Monero often rallies after significant bottoms, supporting a target above $320 in the near term.
Monero (XMR) has recently shown impressive market strength, forming a recognizable double bottom pattern according to analyst CryptoBullet. After breaking out of a multi-year accumulation range in December, this pattern emerged. Monero is still above its support levels despite some volatility, suggesting that it has a lot of bullish potential in the future. According to the most recent statistics, Monero is currently trading at $215.01, down 1.33% ($2.89) over the previous week.
Price History and Market Structure
A number of bottom formations can be seen in Monero’s price behavior during the previous few years. Early 2019, early 2020, mid-2022, and early 2024 saw these bottoms. All came before price increases, demonstrating Monero’s tenacity in previous market cycles. The biggest rally took place in 2021, when XMR reached a peak of over $460. The coin did, however, consolidate within the $100–$180 range during the subsequent corrective period in 2022 and 2023.
Despite the prolonged downtrend, Monero recently broke above this range, signaling a potential reversal. There is also a “neckline” pattern, with XMR forming two bottoms before breaking through resistance. Currently, the cryptocurrency is retesting this neckline level, indicating a strong support zone. Moreover, the price has stayed consistently above $200, reinforcing the notion of an uptrend since early 2024.
Bullish Outlook and Price Targets
The recent technical setup of Monero looks promising. Since its 2024 low of $120, the cryptocurrency has already increased to almost $220. Thus, Monero’s high price momentum is reflected in this upward rise. The upward-pointing arrow suggests that Monero might strive for values above $320 in the months ahead, according to CryptoBullet.
The higher lows that have been created since early 2024 are the source of this optimistic view. Therefore, the idea that Monero could keep rising is supported by the general market structure. However, minor pullbacks are possible. Nonetheless, with XMR holding above previous support levels, it remains a strong contender for substantial future gains.
