Monero’s price has broken out of a tight consolidation phase, rallying strongly from high time frame support near $231. Despite recent network concerns, the price remains bullish, targeting resistance around $344 and beyond.
Summary
- $231 Support: Strong bullish reaction initiated breakout.
- POC Resistance: Price currently consolidating at the point of control.
- Next Target $344: High time frame resistance likely if momentum persists.
Monero’s (XMR) market structure has shifted firmly to bullish following a breakout from equilibrium near its value area low. The move was ignited by a reaction from major support levels, and momentum has since carried the price into the point of control, where resistance is now being tested.
Monero held $300 support despite a record 43-minute block reorg that rattled miners but caused no confirmed double-spends. While fundamentals have raised some concerns after a mainnet reorganization, Monero’s price action continues to display strength, suggesting buyers remain firmly in control.
Monero price key technical points
- Support at $231: Strong bullish reaction from high time frame support initiated the breakout.
- Expansion Through POC: Price rallied aggressively into the point of control, now acting as local resistance.
- Targeting $344: Momentum suggests continuation into high time frame resistance at $344 and potentially beyond.
Monero’s breakout began after weeks of consolidation, where price had been coiling around its value area low. The decisive reaction from $231 confirmed support, sparking a bullish surge. The expansion carried Monero upward into the point of control, where supply has temporarily slowed momentum. This area is crucial, as holding above or breaking through this level will determine whether the next leg higher materializes.
The nature of Monero’s rally has been aggressive, suggesting that bulls remain firmly in control of the short-term market structure. If the breakout sustains, the next major high time frame resistance sits near $344, a level that historically capped upside advances. Clearing this region could open the door for a broader expansion phase, signaling a continuation of the larger bullish trend.
Despite the strength in the price, Monero’s fundamentals recently came under scrutiny after the network experienced an 18-block reorganization. This reorg, far exceeding the usual chain reorganizations, briefly left as many as 117 transactions prone to reversal.
While this raised security concerns, the market has largely shrugged off the event. Price remained resilient throughout, reflecting strong underlying demand and confidence in Monero’s network stability.
What to expect in the coming price action
As long as Monero holds above the $231 support region, the bullish case remains valid. Continuation toward $344 resistance is the immediate target, with the potential for higher extensions if momentum persists.
However, should the network’s recent reorganization trigger further fundamental concerns, volatility could increase.
