TLDR
- Monero (XMR) surged 11.5% in 24 hours, reclaiming the $360 support level for the first time in a week
- The privacy coin has gained 66% over the past month and a half, jumping from $220 to current levels around $366
- XMR recently hit a four-year high near the crucial $420 resistance level, its first approach since 2021
- Analysts view the $310-$345 range as critical support, with a break below potentially sending XMR toward $220
- Trading volume increased 65% in the last 24 hours as XMR secured a position among daily top gainers
Monero has posted strong gains after bouncing from recent lows. The privacy-focused cryptocurrency jumped 11.5% in the past 24 hours.
The rally brought XMR back above the $360 support level. This marks the first time the token has held this price point in over a week.
Monero currently trades at $366, showing a 32.2% increase over the monthly timeframe. The token’s market capitalization has reached $6.56 billion with a market dominance of 0.1977%.
Trading activity has increased sharply during the recent price movement. Volume surged 65% in the last 24 hours as XMR secured a spot among daily top gainers.
Strong Monthly Performance Despite Recent Pullback
The current rally extends Monero’s impressive performance over recent weeks. XMR has gained 66% over the past month and a half, climbing from the $220 support zone to current levels.
The token saw its most dramatic single-day move at the end of April. XMR posted a 55% daily increase during that session, touching the $340 mark before pulling back.
This surge reportedly followed a large cryptocurrency theft. According to blockchain investigator ZachXBT, stolen Bitcoin worth around $330.7 million was converted to XMR through privacy swaps.
Despite the unusual circumstances behind the initial rally, Monero continued climbing during May’s broader market recovery. The token reached a four-year high last week, approaching the $420 resistance level for the first time since 2021.
XMR Price
Technical Levels Point to Key Range
The recent market pullback has tested Monero’s ability to hold crucial support levels. XMR retraced 21% over the past week, briefly falling below its three-week trading range on Saturday.
However, the token has recovered over the past two days. Monero reclaimed the $325 mark and is now approaching the $370 resistance level.
Analyst Sjuul from AltCryptoGems noted that XMR is retesting a recently flipped support and resistance zone. This area between $310-$345 appears critical for the rally’s continuation.
A break below this range could send Monero toward the next major support around $220. The gap between these levels represents a potential downside target if current support fails.
Technical indicators show mixed signals for the near-term direction. The 50-day exponential moving average provides support around $311, while the 200-day EMA continues rising at $214.59.
The MACD indicator shows movement toward neutral territory on XMR’s price chart. However, the 12 and 26-day EMA indicators suggest different momentum readings.
Analyst Rekt Capital previously identified similarities between Monero’s current pattern and its early 2021 performance. XMR broke out of a multi-year accumulation range in Q4 2024, surging above the $286 resistance.
Historical data suggests XMR’s bull markets typically end around the $422 resistance level. This pattern has repeated roughly every four years according to the analyst’s research.
The recent rejection from the $419 cycle high has created a test of current support levels. Monero must hold its present range to potentially challenge the historical $422 resistance over time.
If XMR fails to maintain the $300 level, the $286 support becomes the next critical area to watch. However, historical patterns suggest post-rejection retests often fail for this cryptocurrency.
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