Coin Catchup: Will Stable Monero Break Out?

Monero (XMR) is trading by the $161 mark at the time of writing. The cryptocurrency has been somewhat stable throughout the entirety of 2023; more on the positive side.

XMR recorded a 10% gain year-to-date, which is monumental given that the digital asset’s price has only jumped a bit over 13% in 5 years’ time.

XMR/USD - 1 Week Time Frame

Finding its support level by approximately $130, while the resistance zone lies by $170, XRM is currently trading with little volatility but a decisive break out beyond these levels may precede the coming price direction.

A move above the $171 mark could see Monero climb up to $188 in the short-term, while a fall below the sturdy support zone could pay visit to the $120 zone.

A BIT about Monero

Monero (XMR) is a cryptocurrency which utilizes blockchain and privacy-enhancing technologies to anonymize transactions. It prevents third-party observers form deciphering addresses which trade Monero, in addition to transaction amounts, address balances, transaction histories and other data.