Monero (XMR) is moving in an upward consolidation phase with a reversal in sight as the general conditions in the crypto have begun to shift. According to CoinMarketCap, the XMR price has shown stability over the last 24 hours and over the last week.
At the time of writing, XMR is trading at $375.65 with a trading volume of $110.83 million, which has surged by 9.02% over the last 24 hours. However, its market capitalization stands at $6.92 million, which is stable.
Source: CoinMarketCap
Also Read: Monero (XMR) Weakens Near Key Support: Can Bulls Push to $530 Next?
XMR Holds $365 Support With $465 Target in Sight
Furthermore, the crypto analyst TurboBullCapital pointed out that XMR is displaying a constructive bullish structure, consistently printing higher highs and higher lows, signaling sustained buyer dominance.
The $365 level has emerged as a key support zone, repeatedly defended by market participants. Holding this area is crucial, as it preserves the current upward trend and supports continued accumulation-driven price action.
Source: TurboBullCapital’s X Post
If the 365 level continues to hold strong, the next point of resistance could be at the $465 mark. This is where the next upside objective can be seen, and breaking through will signal that the uptrend has continued. Failure to maintain this level will mean that the mood will shift to consolidation for a short period.
Technical Indicators Point to Improving Strength
According to TradingView, XMR is making a resurgence following its February plunge. Having dropped towards $300, the token experienced a halt in consolidation mode.
It is currently trading at $375.56 while encountering several MA resistances. The most important among these is the 200-day SMA at $386.09, which forms the ceiling for the price action.
Source: TradingView
MACD is showing signs of increasing momentum since the blue line remains above the signal line. The bullish histogram is showing that there is consistent buying back into the market despite the sideways consolidation in April.
However, in order for a breakout to be considered valid, it must break out of resistance. If it fails to do so, it risks retesting its support level at around $348.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Monero (XMR) Eyes $380 Breakout With Strong Bullish Structure
