Monero has bounced from a key technical zone around $313, suggesting a bullish retest may be in play. With volume trending above average and market structure aligning, price action looks poised for a potential rotation toward $344 and possibly higher.
Monero (XMR) has tapped into a critical high-time-frame support region at $313, triggering a bounce that may mark the beginning of a fresh bullish rotation. This level carries significant technical weight as it aligns with multiple key indicators, including the 0.618 Fibonacci retracement, the point of control, and the value area low.
This confluence of support has acted as a base for reversal in the past, and the current bounce suggests it could do so again. If price action holds above this level in the coming sessions, it sets the stage for a rotation back toward the $344 level and potentially beyond.
Key technical points:
- Support Confluence at $313: Aligns with 0.618 Fibonacci, point of control, and value area low
- Bullish Retest Structure: Price has pulled back to support after previously reclaiming the point of control
- Above Average Volume: Current volume profile supports the case for continuation if sustained
XMR’s recent correction brought it back into a major technical support area at $313. Several high-confidence indicators back this zone. The 0.618 Fibonacci retracement level intersects here, providing natural retracement support, while the point of control and value area low from the volume profile offer structural and volume-based confirmation.
Historically, Monero has responded strongly to this type of confluence, and the current price reaction appears no different. The move down into this level can be interpreted as a bullish retest, particularly because the previous reclaim of the point of control led to an expansive move toward the swing high. Now, the market is attempting to form a base above this support region.
If price action continues to close above $313 in the coming days and begins establishing higher lows, this would indicate a bullish shift in market structure. A sustained move above this level may pave the way for a return to $344 resistance and potentially a new swing high beyond that.
One important element to monitor is volume. The current volume profile is trending above average, which adds credibility to the strength of the bounce. To maintain this upward trajectory, volume will need to remain consistent or increase as resistance levels are approached.
What to expect in the coming price action
If Monero holds above the $313 support zone and maintains its bullish market structure, a continuation move toward $344 becomes increasingly likely. Sustained volume and higher lows would confirm the validity of the bullish retest and increase the probability of further upside in the weeks and months ahead.
