Monero’s Recent Breakout Indicates Price Gains Following ‘Basing Pattern.’

Monero Breaks $200 Barrier, Signals Bullish Trend Shift

Monero (XMR) has surpassed the $200 mark, signaling a bullish breakout and renewed market momentum for the privacy-focused cryptocurrency.

For over two years, Monero was trapped in a basing pattern, consolidating between $100 and $200 in a low-volatility phase that represented equilibrium between buyers and sellers. This followed its sharp decline from the 2021 highs above $500.

Now, with prices holding above $200, market analysts suggest that the supply at bear market lows has been absorbed. According to Wyckoff principles, this breakout indicates that the path of least resistance has shifted upward.

The next major hurdle for Monero is at $287, a level last reached in April 2022. A sustained move higher would validate the bullish trend, while a drop back below $200 could nullify the positive outlook.

This decisive breakout could attract more attention to privacy-focused cryptocurrencies, positioning Monero as a potential leader in the next phase of the crypto market cycle.