‘Basing Pattern’ Breakout Positions Monero for Further Price Increases.

Monero Breaks Above $200, Signaling Bullish Momentum

Monero (XMR), the leading privacy-focused cryptocurrency, has surged past the $200 mark, confirming a bullish shift in market sentiment after a prolonged period of consolidation.

For more than two years, Monero traded within a basing pattern, a phase of low-volatility price consolidation between $100 and $200. This pattern reflected a balance between buyers and sellers following its sharp decline from the 2021 highs above $500.

The recent breakout above $200 suggests that the floating supply at lower price levels has been absorbed. According to Wyckoff analysis, this shift indicates that the path of least resistance is now upward, opening the door for further gains.

The next major resistance level for Monero stands at $287, last reached in April 2022. However, a retreat back into the previous consolidation range could negate the bullish momentum.

As Monero’s breakout unfolds, it may signal broader strength in the privacy-focused cryptocurrency sector, drawing renewed interest from traders and investors.