Monero’s Price Poised for Bullish Breakout
Monero’s price is forming a bullish rounded bottom pattern. This suggests a potential reversal as it nears key resistance levels. A successful retest of support could lead to a move toward the $417 high.
Monero’s price action hints at a rounded bottom, a classic reversal structure. It recently tested resistance near the value area high, which aligns with Bollinger Band compression.If bulls reclaim higher ground after a retest, a rally toward $417 becomes more likely.
- Value Area High Resistance: Currently rejecting from the upper boundary of the volume profile.
- $269 High-Diagram Support zone: Critical region with confluence from the 0.618 Fibonacci level adn VWAP SR.
- Rounded Bottom Formation: Potential reversal structure forming over a multi-week base.
Monero’s price is shaping a bullish rounded bottom pattern as it nears key resistance levels. A successful retest of support could spark a move toward the $417 high time frame target.
Monero’s price action is forming a potential rounded bottom, a classic reversal structure. This suggests accumulation at current levels. The altcoin recently tested resistance near the value area high, which aligns with Bollinger Band compression. If bulls reclaim higher ground after a retest, a larger rally toward $417 becomes more likely.
Key technical points include the Value Area High Resistance. This level is currently reinforced by Bollinger Band compression, suggesting strong resistance.
The $269 high-Diagram Support Zone is critical. It marks the 0.618 Fibonacci retracement and VWAP support. This zone aligns with the base of the developing rounded bottom, reinforcing its importance as a foundation for reversal.
Should this level hold, Monero’s structure will resemble a confirmed rounded bottom. This formation often precedes a sustained bullish phase and could open the door for a move toward the $417 resistance.
Traders should monitor the volume profile. If Monero shows a steady rise in volume near the $269 support, it would signal renewed buyer interest and strengthen the case for a breakout.
What to expect in the coming price action: If Monero holds above the $269 support zone following a pullback, bulls may regain control and drive a rally toward the $417 resistance. Though, failure to defend this key level could delay bullish continuation.
