- Monero is retesting a major resistance last broken in 2018.
- A breakout could start a new long-term trend, while rejection keeps it rangebound.
- Traders await higher-timeframe confirmation.
As the larger part of the cryptocurrency market is yet to recover from the period of bearishness, Monero (XMR), one of the leading privacy-focused crypto assets, is now trading at a price level that hasn’t been successfully broken since 2018.
Specifically, XMR’s long-term chart shows a clear horizontal resistance line where price has reversed multiple times, making retest one of the most consequential moments for the asset in several years, per an analysis by popular crypto trading expert Ali Martinez on November 17.
Six Years of Historical Rejections Heighten the Stakes
As it happens, Monero previously tested the resistance level in early 2018 and again in mid-2021, both times resulting in strong downward reversals and long consolidation phases. With price now returning to the same zone once more, analysts say the reaction here could dictate whether the asset enters a new macro trend or remains rangebound.
Indeed, XMR is currently changing hands at the price of $401.04, which suggests a decline of 5.31% in the last 24 hours, an accumulated downward move of 2.55% across the previous seven days, but a welcome increase of 32.57% on its monthly chart, per the most recent data.
A breakout above this level would mark the first decisive move beyond the barrier in nearly six years, potentially signaling renewed investor appetite and a shift in long-term sentiment. Conversely, another rejection may imply continuation within the broader multi-year trading range, keeping XMR out of the spotlight despite market volatility.
For now, traders are watching closely, not for intraday volatility, but for weekly candle confirmation, as the long-term structure carries more weight than short-term price moves.
More Must-Reads:
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What do you think?
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