Monero Sees Bullish surge, Awaits Correction Support
Monero (XMR) has staged a significant bullish breakout, marking a shift in market direction. After the strong rally, XMR is currently experiencing a correction. This correction could create a solid base for further growth towards higher prices.
When a cryptocurrency surges like Monero did,a subsequent correction is normal. The focus now is on where this correction finds support.For XMR, this support is likely forming around $269. This area aligns with multiple technical indicators, making it a crucial level to watch.
- Bullish Breakout Confirmed: XMR broke through critically important resistance, showing a new bullish trend.
- Healthy Pullback: The current correction may lead to a higher low formation.
- $269 Support Confluence Zone: Reflects the 0.618 Fibonacci retracement, VWAP support, and the 200-day moving average.
- Upside Targets: $338 and $417 if the bullish trend continues.
Monero’s rally signals a change in market behavior, breaking the previous trading range.This pullback shouldn’t be seen as a negative. Instead, it’s a normal part of a strong uptrend. The $269 level is critical as it brings together several high-probability technical factors. If this support holds, XMR could aim for $338 and $417.
Traders should watch how the market reacts at $269. Strong buying interest here would confirm the higher low and set the stage for further gains. Keep an eye on volume and structure above this level to validate the trend’s continuation.
