Monero (XMR) has returned to the spotlight after reaching a local high last month. A key question now is whether it could surpass that level before the end of the year. Current market behavior suggests that decisive price movements may be approaching. This analysis outlines the factors that could influence XMR’s next major move.

XMR technical analysis

XMRUSD – 1 Day Time Frame

At the end of May, XMR reached a local high of $420. In November, this level was tested three times. During the first attempt, the price established a new local high, and during the third attempt, the daily candle managed to close above $420.

However, the following session opened with notable weakness. Another liquidation event occurred, pushing the price back into a zone that has acted as resistance for an extended period. It is also important to consider that XMR has taken liquidity above the previous swing high. If the market fails to hold this reclaimed zone, a deeper correction could unfold, potentially targeting the Fibonacci 0.5–0.618 region.

Close attention is warranted at the $319 level, where two swing lows were formed. Liquidity rests below these lows, and since liquidity often acts as a price magnet, it could eventually be swept.

XMR price target

The chart also shows that the current zone requiring defense aligns with the 0.236 Fibonacci retracement level, which increases the probability of a potential upward reaction.

Directly above this area is the key resistance zone that would need to be cleared for XMR to attempt a new all-time high. That level lies between $459 and $483. If the upward trend resumes, this zone is likely to attract significant selling pressure. The cryptocurrency market’s ability to absorb that pressure will determine whether a breakout toward new highs becomes viable.