Why Is Monero (XMR) Price Going Up?

Monero (XMR) has been consolidating following a sharp decline from its all-time high, with price spending recent weeks moving sideways while forming a base. Such structures can precede a larger directional move, making the nearby support and resistance zones particularly relevant at this stage.

XMR technical analysis

XMRUSD - 1 Day Time Frame

XMR has traded sideways in recent weeks after declining more than 65% from its ATH. From a technical perspective, the most important area to monitor is the nearest support zone below the current price. This zone previously triggered a strong upside reaction and was later retested successfully. The key demand area lies between $266 and $273. If price revisits this region, increased buyer activity could emerge, potentially resulting in a more meaningful rebound.

If the market fails to hold this critical zone, it would indicate weakening structure and increase the probability of further downside. In such a case, the next major area of interest is the second support zone between $232 and $247, where buyers could attempt to re-enter the market.

XMR price target

If XMR regains momentum in the coming days and buyer strength increases, the first upside objective could be the strong resistance level near $381. The second objective could be the next major resistance around $464.

If price breaks above $464 in the future, further upside would depend on the market reclaiming this zone, maintaining acceptance above it, and using it as support. Under such conditions, the next potential objectives could be $522 and $623.