Monero (XMR) has reclaimed a key resistance level, signaling a potential shift in its price structure. The privacy-focused cryptocurrency broke above the $340–$345 zone, which analysts cite as a confirmed breakout. This move could theoretically open a path toward a target of $800, though short-term momentum indicators remain weak and show selling pressure is only just easing.
Monero moved back above the closely watched $345 level, signaling a short-term recovery attempt. The token gained over 2% in 24 hours but remains down more than 10% for the week.
XMR is currently trading around $409 with a market capitalization valued at about $7.55 billion. Its 24-hour trading volume fell over 14% to $130.78 million.
Analyst Alpha Crypto Signals noted the confirmation of a breakout above the $340 to $345 resistance zone. The close above the range marked a structural change, sparking the price to surge with the help of technical breakout trading.
The firm suggested the price could rise by around 137% to a high of $800 before consolidation. Traders are now analyzing whether the former resistance can act as a new support level.
Despite the breakout narrative, short-term indicators present a cautious outlook. The 4-hour chart shows XMR remains in a downtrend since mid-January, unable to break the $460 to $480 resistance.
Momentum indicators also support this bearish near-term view. The MACD indicator remains in negative territory, and the Relative Strength Index trades around 35, indicating weak buying support.
