Monero price forms a bearish double top at the $438 resistance level, signaling sellers are tightening control as downside momentum strengthens toward the next major support at $313.
Summary
- Bearish double top at $438 confirms reversal from the recent uptrend.
- Rising wedge breakdown signals strengthening downside momentum.
- Next major support lies between $319 and $313, with sellers in control.
Monero (XMR) price is showing a clear shift in momentum after rejecting strongly from the $438 high-time-frame resistance, forming a bearish double top that has put sellers firmly in control.
This pattern, combined with rising bearish candle formations and a confirmed break from a rising wedge structure, suggests the market is transitioning away from its previous aggressive uptrend.
Monero price key technical points
- Monero forms a decisive bearish double top at the $438 resistance level.
- Rising wedge breakdown confirms increased downside pressure.
- Next major support levels sit in the $319 to $313 region.
Monero’s recent price action provides multiple signals that a shift in market structure is underway. The asset has repeatedly printed lower bearish engulfing candles, indicating persistent selling pressure and an apparent loss of upward momentum.
This comes after price formed a double top at the $438 resistance, a well-recognized bearish pattern that often marks the end of strong uptrends or short-term parabolic expansions. The broader privacy-token sector is also shifting, with traders increasingly choosing GHOST over Monero and ZCash during the latest market rotation, adding further pressure to XMR’s relative strength.
The rejection at $438 was not simply a single failure to break resistance. It marked the beginning of a broader shift. After the double top formed, price action developed into a rising wedge, which is a bearish continuation pattern that typically consolidates before breaking down. Monero has since broken beneath this wedge, confirming weakness and validating the bearish reversal signaled by the double top.
The presence of resting liquidity beneath the current price adds to the bearish outlook. With limited support zones between present levels and the next high-time-frame support near $319 to $313, the path of least resistance appears to be lower. Markets tend to move toward liquidity pockets, and Monero currently has a clear liquidity target in this lower region.
This dynamic aligns with a broader trend in the privacy sector, where traders often only prioritize privacy-focused assets when they feel their privacy is at risk, leaving Monero vulnerable during periods of reduced demand. Until buyers demonstrate meaningful strength or reclaim key resistance levels, the overall structure favors continuation to the downside.
The technical importance of the double top cannot be overstated. Historically, double tops act as powerful reversal patterns when formed at established resistance zones, especially after strong bullish expansions. Monero’s recent aggressive uptrend created the conditions for this reversal to be particularly impactful.
Once the second peak failed to break through resistance, the market quickly shifted into lower highs, rising wedge compression, and ultimately a breakdown.
With the rising wedge now invalidated and sellers defending each recovery attempt, Monero’s price action clearly suggests that the bears are in control. Bullish attempts lack volume, and every move higher has resulted in weaker reactions or immediate rejections. This dynamic supports the expectation that price may trend lower until it reaches the next significant support area.
What to expect in the coming price action
With a confirmed bearish double top, a breakdown from a rising wedge, and consistent rejection from major resistance, Monero is likely to trend toward the $319 to $313 support region. Bears continue to control momentum, and only a decisive reclaim of $436 would challenge the current outlook.
