The Monero XMR currency recorded strong price movements over the past two days, as the currency entered a clear struggle with a short-term resistance area, increasing the volatility and price movement in the market 🔥📊
📌 Previous forecasts indicated the possibility of a price drop towards 355 – 360, and this scenario has indeed materialized, before a new rebound appears supporting the upward trend.
📈 A bullish signal but caution is required
• A bullish structural break has been observed with a higher low recorded later, which is a positive factor supporting optimism in the near term.
• The previous drop from 417 → 360 left a price gap near 390 that may now turn into a supply area hindering upward movement temporarily.
• Conversely, the area around 360 looks like a strong demand zone that may be retested during any upcoming drop 🔽🛡
What do the technical indicators say?
🔻 A previous decline in OBV indicates seller dominance
🔺 An improvement in OBV over the last 24 hours gives hope for a return of buyers
⚠ A break of 369.6 downwards on the hourly timeframe may form a negative short-term reversal
Areas that need close monitoring 🔍
🟥 380 → Nearby resistance requiring a clear breakthrough
🟥 390 → A price gap level that may hinder progress
🟥 420 / 450 → Likely liquidity areas that may attract the price in the future
🟩 360 → Very important support for the upward movement
🟩 A breakthrough of 380+ may open the door to target 400 and then higher levels 🚀
Possible scenarios
🔻 The less likely scenario
• If demand weakens, XMR may be forced to return below 360
• The likelihood increases if the market is affected by the movement of major currencies
🔺 Why do traders lean towards the bullish scenario?
• A price rebound of +5.7% reaching 381 before stopping indicates the presence of buyers
• The liquidity map shows a higher accumulation of 385 / 420 / 450 that may drive the price towards it later
• A breakthrough of level 380 and converting it from resistance to support means entering a stronger buying phase 📈💎
🧠 Summary
✨ XMR showed significant rebound strength
✨ 360 is a key support – 380 is the launch gate
✨ A stable breakthrough of 380 = an opportunity for a new upward wave
✨ Accumulated liquidity above the price may act as a magnet attracting movement upwards
