Monero is once again drawing attention as long-term price structures move toward a decisive phase. Analyst Jonathan Carter recently highlighted that XMR is pressing against the neckline of a cup and handle pattern on the two-week chart, a formation that has been building quietly over several years.
This setup places Monero at a critical level, where sustained buying interest could determine the direction of its next major cycle move.
Also Read: Monero Price Alert: XMR Consolidates for Massive Upside Above $500
Long-Term Structure Signals a Potential Breakout Phase
The two-week chart of the XMR/USDT currency pair indicates a rounded bottom formation, which began after the fall of Monero from its peak of 2018.
It should be noted that during the long fall, the price continued to range between $40 to $60, a point that continued to indicate intense support from buyers. In the process, the steepness of the fall continued to reduce, indicating that buyers had begun to trigger a recovery.
Monero started to rise and got stuck between $450-$480. It is a price range that prevents changes in a number of past cycles. Thus, it is a known supply area.
Source: X
However, as Monero could not pass this area, the price showed a cooling-down pattern and formed the handle of the pattern. During this phase, several higher lows and smaller price movements started to be noticed.
More people entered this movement, meaning that more buyers are now aligning themselves with the resistance levels. If prices continue to move above $480 for two consecutive weeks, it will indicate that there is indeed a change in market behavior and that prices could reach as high as $1,500 to $1,800.
Monero Weekly Momentum Supports the Broader Bullish Bias
Looking at the weekly chart for XMR/USD, Monero is trading around $458, having had a strong rally over the last year.
It has transitioned from a sideways market to an uptrend, as it continues to make higher highs and higher lows, and it remains above the rising 20-week simple moving average, indicating that market forces still favor the buyers despite the occasional halts.
Source: Tradingview
The volatility indicators are still calling for further increases. Prices approaching the upper Bollinger Band are a positive indication of strength. The retreats remain limited but remain above the medium line.
In most instances, such a trend indicates that the ongoing trend is still a continuation of a previous uptrend rather than a completion of the same. The MACD remains positive.
Also, the RSI reading of the currency pair is in the 60s. This level makes the trend bullish since it does not overreach. It remains above the 50% mark with its pullbacks.
Also Read: Monero Price Alert: XMR Consolidates for Massive Upside Above $500
