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Privacy and security-focused token Monero (XMR) has seen an 11.5% surge in the daily timeframe, reclaiming the $360 support for the first time in a week. Some analysts suggest that holding its current range could send the cryptocurrency to a another retest of its historical $420 resistance.
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Monero Bounces From Range Lows
Amid the crypto market pullback, Monero led the top 100 tokens by market capitalization list with a double-digit jump in the past 24 hours. The cryptocurrency surged 11.5% on Monday morning, breaking out of its seven-day downtrend.
Notably, XMR has seen a 66% price increase over the past month and a half, jumping from the $220 support zone to its current levels. The token registered a significant 55% daily increase at the end of April, touching the $340 mark before retracing.
The surge was reportedly fueled by a “suspicious transfer” of 3,520 BTC, worth around $330.7 million, from a potential victim of social engineering. According to crypto sleuth ZachXBT, the stolen funds were swapped for XMR, leading cryptocurrency to retest a key horizontal level.
Despite this, the privacy token continued its rally during the May market recovery, which propelled XMR to a four-year high a week ago, nearing the crucial $420 resistance for the first time since 2021.
Now, the market’s recent performance has sent Monero alongside the rest of the leading cryptocurrencies to retest key levels. The token retraced 21% in the past week, briefly losing its three-week price range on Saturday.
However, XMR has bounced from this level over the past two days after reclaiming the $325 mark and nearing the $370 resistance.
XMR Rally Hangs On This Level
Analyst Sjuul from AltCryptoGems affirmed that “Monero has an impressive chart and is likely one of the few ‘dino’ coins not far from breaking its all-time high.”
He highlighted that XMR is retesting the recently flipped support and resistance zone, which is key for a rally continuation. Losing the $310-$345 area could send the cryptocurrency toward the gap between this level and the next major support around the $220 mark.
Similarly, analyst Rekt Capital previously noted Monero repeated its early 2021 playbook after breaking out of its multi-year accumulation range in Q4 2024, surging above the $286 resistance and hitting last cycle’s high levels.
He recently pointed out that XMR has historically ended its bull market around the key $422 resistance, with “this sort of price action for XMR occurs once every four years,” and price rallies into the major resistance “often briefly upside wicking beyond there.”
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Amid its recent rejection from the $419 cycle high, the analyst considers that Monero must hold its current range, “if price wants to go against the grain of history and break the $422 resistance over time.”
If it fails to hold above the $300 mark, Rekt Capital affirmed that the $286 support is the next crucial level, but added that historically, XMR’s retest post-rejection usually fails.
As of this writing, Monero trades at $366, a 32.2% increase in the monthly timeframe.
Featured Image from Unsplash.com, Chart from TradingView.com
