Monero Breaks $200, Signaling Start of a Bullish Run
Monero (XMR) has surged past the $200 mark, confirming a bullish breakout after years of price consolidation and signaling a potential upward trend for the privacy-focused cryptocurrency.
Since its decline from the 2021 highs above $500, Monero spent over two years in a basing pattern, trading between $100 and $200 in a phase of low volatility and balanced supply and demand.
The recent breakout above $200 suggests that selling pressure at lower levels has been exhausted, paving the way for higher prices. According to Wyckoff analysis, this breakout reflects a shift in momentum, with the path of least resistance now pointing upward.
The next key resistance level for Monero is at $287, the lower high recorded in April 2022. However, a drop back below the $200 threshold could negate the bullish outlook and signal a return to consolidation.
With this breakout, Monero’s price action is likely to draw renewed interest to the privacy coin sector, potentially setting the stage for further gains in the weeks ahead.
