- XMR’s long-term bullish outlook on the price charts remains strong.
- The breakout, consolidation, and subsequent breakout have highlighted the asset’s strength over extended timeframes.
Monero [XMR] has seen an impressive 82% rally since April 7th, with consistently high trading volumes over the past year.
With the previous all-time high at $542, just 60% higher, the potential for a new peak later in the year looks promising.
XMR Showing Strong Bullish Signals
Source: XMR/USDT on TradingView
The 1-week chart depicts an asset breaking out of a multi-year consolidation phase in December. The $183 level, a strong resistance since mid-2022, has now become a support level.
Throughout April, this support level was tested multiple times.
Fibonacci retracement levels based on the 2021-22 drop show the 61.8% level at $246. Earlier this year, this level acted as resistance, but a breakout eventually occurred.
Over the past year, Monero’s breakout, consolidation, and subsequent rally in May have been accompanied by high trading volumes, indicating strong demand and conviction among long-term investors.
The 1-week chart paints a highly bullish picture, hinting at a potential climb to a new all-time high for XMR.
In the upcoming weeks, the 23.6% and 61.8% extension levels at $396.8 and $489.5 are likely to be the next targets.
Source: XMR/USDT on TradingView
On the 1-day chart, Monero continues to exhibit bullish momentum, with the CMF at +0.12 indicating significant capital inflows.
The trading volume has been increasing since April, as shown by the rising 20-period moving average for the volume bars.
The MFI on the 1-day timeframe has not yet signaled an overextended market, suggesting that XMR’s upward momentum could continue.
Despite Bitcoin [BTC] trading within a short-term range since April 9th, Monero has managed to rally 13.7%, showing relative strength compared to Ethereum [ETH] and BTC.
Holders may consider waiting for price movements towards $400 and $500 to capitalize on further profits.
Disclaimer: The information provided is the writer’s opinion and does not constitute financial, investment, trading, or any other form of advice.