Monero Challenges Key Resistance

Growing impressively since mid-May, XMR is exhibiting price behaviors which may suggest that the popular privacy-centric cryptocurrency could be set to grow even further within the coming weeks.

This technical analysis of Monero reveals that the market conditions are currently favorable, with the price indicating a positive trajectory.

This presents a promising opportunity for investors, especially as interest in privacy-focused digital assets continues to grow, suggesting significant potential for Monero’s further advancement.

Weekly outlook

XMRUSD- 1 Week Time Frame

At present, the XMR price is confronting a crucial resistance level. Coupled with other technical indicators, this forms a bullish context for the market.

Earlier in the year, Sell-side Liquidity (SSL) levels were established, allowing institutional traders room to place buy orders. Although there was a correction period, since June, a robust impulsive movement has emerged, offering an opportunity for engagement.

A key bullish support indicator is the price closing above resistance, transitioning the Fair Value Gap (FVG) into a support zone.

For those considering buying, it may be wise to wait for a pullback to this newly established support zone to execute trades. A Stop Loss (SL) order should be placed below the internal higher low, targeting both internal and external Buy-side Liquidity.

Key purchase points

XMRUSD - 1 Day Time Frame

For traders prepared to assume a higher risk, the support at the FVG (depicted in dark blue on the chart), in conjunction with the Order Block (OB) on the daily timeframe, offers a more aggressive entry point.

This approach entails setting the SL order significantly higher, specifically below the OB, while maintaining the same Take Profit (TP) levels. This entry remains valid as long as the FVG is open and the price does not close below the lower boundary.