- Monero has gained 7.24% in the past 24 hours, trading at $370.71.
- An inverse head and shoulders pattern has formed on the 4-hour chart.
- XMR needs to hold above $370 to aim for $396–$406; rejection may drop it to $355.
Monero (XMR) is trading at $370.71, reflecting a 7.24% price increase over the past 24 hours. The rise began at around $337 and has shown a steady upward movement. While trading volume is down by over 32%, price momentum suggests buyers are active.
On Bybit’s 4-hour chart, a bullish structure may be forming. Crypto analyst LSTrader noted that Monero has broken above the neckline of an inverse head-and-shoulders pattern. The neckline was located around $354. The pattern could suggest further upside, with a projected target near $470 if the structure completes.
Technical Chart Patterns and Target Projections
The inverse head and shoulders pattern is widely followed in technical analysis. According to @LSTraderCrypto, the price has cleared the neckline and entered the breakout zone. A blue zone on the chart shows the entry range, while a green box marks the expected target area.
However, confirmation is still pending. The analyst mentioned that market conditions remain unclear, and broader sentiment may affect this setup. Traders may watch closely to see if the breakout holds, as volume remains lower than average despite the price jump.
Key Price Levels and Resistance Points
Another analysis from DC26x underlined a key decision point for XMR between $368 and $370. This price range once acted as support but turned into resistance after a previous sell-off. The asset is now testing this range again.
If Monero can stay above $370, the next target is $396–$406. But if the price is rejected, a move down toward $355–$348 is possible. These levels will likely guide short-term trading positions in the coming sessions.
XMR’s next direction depends on how the price reacts to this resistance area. A strong close above it may lead to continued bullish momentum. On the other hand, failure to maintain this level could pull the price back to earlier support zones.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
