CandleFocus Monero Nears Major Supply Zone at $180: Technical Analysis
2024-09-23
Author: Content Editor
Monero (XMR), the leading privacy-focused cryptocurrency, has been trading in a range between $180 and $100 for over two years. There have been multiple attempts to break above $180, but each time the price has pulled back. This suggests that traders have been selling their holdings when the price reaches that level. Currently trading near $175, XMR is approaching a critical level where it could either experience a bearish reversal or potentially break out to start a strong rally. A sustained move above $180 would point toward resistance at $260. In February, XMR experienced a 35% crash after being delisted by cryptocurrency exchange Binance. Prices briefly rallied in June after some European countries cracked down on botnet mining.
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