Monero XMR Reaches a Critical Juncture; Technical Patterns Suggest Major Market Movement Ahead
XMR's current trend is quite interesting, as the price is continuously narrowing within a large symmetrical triangle. This pattern is a classic momentum signal in technical analysis. Once it breaks out, the price movement typically starts at around 50% in either direction.
Currently, XMR is hovering around $342, with buying activity still relatively active in the range of $320 to $325, indicating that market interest in the privacy coin sector has not diminished. Looking at the recent surge, Zcash's market cap has surpassed Monero's, and the entire privacy coin sector has risen by 80% in the past 7 days. Given this background, if XMR truly breaks through, an upward target of $400 to $420 seems achievable.
However, if the support at 320 dollars doesn't hold, we may need to explore further down. It is recommended to establish a small position around 325 for observation, with a tight stop-loss set just below 320, and wait for the 350 dollar level to open up before chasing in when the trading volume increases.