• XMR price surge signals the potential for a historic bull run.
  • Horizontal channel consolidation suggests clear buying and selling opportunities for traders.

Monero (XMR) has recently experienced a significant price surge, surpassing $228 for the first time since May 2022. This marks an impressive 28% increase over the past week, with the coin currently trading at $207—up 4% in the past 24 hours. The sudden surge has sparked renewed optimism among traders, who are closely watching its movement.

Moreover, XMR is currently trading within a horizontal channel, a pattern characterized by price consolidation. This pattern forms when price fluctuations are contained between two parallel trendlines: the upper trendline, which connects the highs, and the lower trendline, which connects the lows. This consolidation phase indicates a period of indecision in the market, where buying and selling activity is relatively stable.

Can XMR Maintain Momentum After 28% Surge? image 0 XMR Price Chart, Source: Sanbase

Traders often view horizontal channels as a useful market-timing tool, as the buying and selling points are typically clear, occurring near the support and resistance levels. For XMR, the resistance levels are set at $216.50 and $249.54, while key support levels are at $202.18 and $187.63. The Relative Strength Index (RSI) for XMR is currently at 65. It suggests that the coin may soon reach overbought territory if the bullish trend continues.

Adding to the excitement, XMR recently broke out of a 900+ day accumulation phase. It is setting a new price high at $918. Traders are now speculating that the cryptocurrency could repeat the bullish trend seen during the 2018 market cycle. This has led to increased interest from both institutional and retail investors looking to capitalize on potential gains.

XMR To Hit New Highs?

While the price has already seen impressive gains, some analysts caution that XMR could experience short-term corrections, especially with the RSI approaching overbought levels. However, the overall outlook remains bullish , with traders eagerly watching to see if XMR can sustain its momentum and continue its upward trajectory.

As it breaks through key resistance levels, many believe it could signal the beginning of another major bull run—one that echoes the remarkable price rallies.

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