Monero Gains Momentum After Recent Sell-Off, Faces Resistance at $363
- Monero rebounds ~5% today, trading around $357, finding short-term support near the 7-day SMA at $326.
- Key resistance remains at the 200-day SMA around $363, with stronger levels between $430–$470 for any sustained upside.
Monero (XMR), the privacy‑focused cryptocurrency, showing signs of stabilization on the daily chart after a significant sell-off from its January highs near $790. As of today, XMR trades around $340.26, consolidating in the $320 to $350 range following a sharp downtrend over the past week.
After being triggered by a technical break‑and‑fail pattern, the current pattern reflects a rebound from recent intra‑week lows. This move follows a surge earlier in the year and subsequent correction.
Monero Shows Bearish Trend, Key Levels in Focus
Technical indicators from Binance’s daily chart highlight a predominantly bearish trend. The XMR price remains below critical moving averages, including the 30-day SMA at $470.47, 50-day SMA at $464.86, 100-day SMA at $431.80, and 200-day SMA at $363.14. However, it is holding just above the short-term 7-day SMA at $326.43, which currently provides immediate support.
(Source: TradingView)
Zooming in, the Relative Strength Index (RSI) shows that momentum is still oversold, with a reading near -20.27, but recent RSI movements suggest a slight easing of bearish pressure, indicating a possible short-term recovery or consolidation phase.
If XMR continues the uptrend the Key resistance lies at the 200-day SMA around $363, with stronger resistance expected between $430 and $470, where it failed to boost the bull earlier. A break above these levels would be necessary to signal a sustained reversal from the current bearish trend.
If the price fails to maintain support near the 7-day SMA, it may retest recent lows near $270, marking another critical support zone.
Highlighted Crypto News:
Ethereum Slips Toward $1,900 as Selling Pressure Intensifies
You May Also Like
Gold continues to hit new highs. How to invest in gold in the crypto market?
Chorus One and MEV Zone Team Up to Boost Avalanche Staking Rewards
