Monero (XMR) is currently exhibiting robust bullish momentum, igniting anticipation among traders for a potential surge to new all-time highs.
XMR's Strong Momentum and Technical Outlook
The privacy-focused cryptocurrency has recently seen a significant 7.18% gain over 24 hours, complemented by a 25% increase in Open Interest, signaling strong short-term bullish sentiment. Technical indicators like the Moving Average Convergence Divergence (MACD) and moving averages confirm a powerful upward trend, especially since the start of January. With the $517.6 all-time high now firmly in sight, the current trajectory suggests Monero is well-positioned for a breakthrough.
Key Support and Resistance Levels
Despite potential weekend volatility and broader market movements influenced by Bitcoin, several key demand zones are expected to provide strong support for XMR. Notably, the $470 area and the $480 level, representing the 23.6% Fibonacci extension, have demonstrated their strength as recent support points. The $460-$470 range, which recently flipped from a supply zone to a robust demand zone, further reinforces the short-term bullish outlook. However, traders should remain vigilant of the $490-$500 range, which has historically acted as a supply zone, potentially offering some resistance on the path to new highs.
