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Monero's 'Basing Pattern' Breakout Points to Price Gains Ahead
Monero has topped $200, confirming a bullish shift in market trend.
What to know:
- Monero's weekly price chart shows a breakout from a prolonged basing pattern that represented equilibrium at bear market depths.
- The breakout puts focus on resistance at $287.
Privacy-focused digital assets might make some noise soon as their leader, monero (XMR), has broken out of a prolonged "basing pattern," signaling a bullish shift in momentum.
For over two years, monero was locked in a basing pattern or low-volatility price consolidation between $100 to $200, marking a demand-supply equilibrium following the crash from the 2021 highs above $500.
STORY CONTINUES BELOW
Prices now appear to have established a foothold above $200, which means the floating supply at bear market lows has been absorbed, and the path of least resistance is upwards, as followers of the Wyckoff analysis method would describe it. The next significant resistance level is at $287, the lower high reached in April 2022. A move back into the sideways channel would invalidate the bullish outlook.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
