Monero (XMR), the leading privacy-focused cryptocurrency, has recently surpassed the $200 mark, signaling a shift toward bullish momentum.
For the past two years, Monero had been trapped in a low-volatility “basing pattern,” consolidating between $100 and $200 as the market balanced demand and supply following a sharp drop from its 2021 highs above $500.
With prices now solidly above $200, it indicates that the supply at bear market lows has been absorbed, and the path forward appears to be upwards. This aligns with the principles of Wyckoff analysis, which suggests that the market is primed for further gains. The next key resistance level to watch is $287, the lower high seen in April 2022. If the price falls back into the previous sideways range, the bullish outlook could be invalidated.
