Privacy-focused digital assets could soon make some noise when their leader, monero (XMR), breaks out of a prolonged “basing pattern,” signaling a shift in bullish momentum.
For over two years, monero has been stuck in a basing pattern or low-volatility price consolidation between $100 and $200, marking a post-crash balance of supply and demand since the 2021 highs in above $500.
Prices now appear to have gained a foothold above $200, meaning the floating supply at the bear market lows has been absorbed and the path of least resistance is upward, as proponents of the bear market method would describe. Wyckoff’s analysis. The next significant resistance level lies at $287, the lowest reached in April 2022. A return to the sideways channel would invalidate the bullish outlook.
