Monero (XMR), the privacy‑focused cryptocurrency, showing signs of stabilization on the daily chart after a significant sell-off from its January highs near $790. As of today, XMR trades around $340.26, consolidating in the $320 to $350 range following a sharp downtrend over the past week.
After being triggered by a technical break‑and‑fail pattern, the current pattern reflects a rebound from recent intra‑week lows. This move follows a surge earlier in the year and subsequent correction.
Technical indicators from Binance’s daily chart highlight a predominantly bearish trend. The XMR price remains below critical moving averages, including the 30-day SMA at $470.47, 50-day SMA at $464.86, 100-day SMA at $431.80, and 200-day SMA at $363.14. However, it is holding just above the short-term 7-day SMA at $326.43, which currently provides immediate support.
Zooming in, the Relative Strength Index (RSI) shows that momentum is still oversold, with a reading near -20.27, but recent RSI movements suggest a slight easing of bearish pressure, indicating a possible short-term recovery or consolidation phase.
If XMR continues the uptrend the Key resistance lies at the 200-day SMA around $363, with stronger resistance expected between $430 and $470, where it failed to boost the bull earlier. A break above these levels would be necessary to signal a sustained reversal from the current bearish trend.
If the price fails to maintain support near the 7-day SMA, it may retest recent lows near $270, marking another critical support zone.
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