Monero (XMR) is displaying bullish signals after a strong rebound from support at $230. Prices are now consolidating within a bullish pennant, suggesting potential breakout in the coming sessions.
Key Technical Points of Monero Price
Monero's price reacted bullishly at the $230 support level, confirmed by engulfing candles that changed the local structure. The trading volume shows a steady decline in activity, consistent with the consolidation pattern.
Bullish Pennant Formation
The price is consolidating within a pennant pattern, which typically precedes an impulsive move in the direction of the prevailing trend. In this case, Monero's overall trend remains bullish, raising the likelihood of an upward breakout.
Expectations for Future Price Action
Monero remains in a bullish setup as long as the $230 support level holds. An expected breakout might first test the $244 level, and if momentum stays strong, aim for the significant resistance at $344.
The current price situation of Monero remains positive, and a breakout from the pattern could support continued growth towards the significant resistance level at $344.
