Corrective Cycle

In recent weeks, XMR has demonstrated a persistent trend confined within a defined range. Significantly, it has breached its upward trend line, indicating a shift towards a corrective cycle on the daily time frame. Presently, XMR is trading within the $153 range. Notably, transaction volume has experienced a notable decline, falling below the 30-day average.

Monero's price movement is influenced by two support levels, with particular emphasis on the second support range. The first support stands at $147, while the second support lies within the range of $135.7 to $138.8. Sustaining the second support range presents an opportunity for potential price growth, potentially reaching the upper bounds of the weekly channel range around $186.

Considering the broader long-term range trend of the Monero currency, favorable market conditions can be anticipated to facilitate substantial growth.

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