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Monero XMR Price Forecast: Basing Pattern Breakout Signals Potential Price Gains

Monero, the privacy-focused digital asset, has made a significant move in the market by surpassing the $200 mark, indicating a shift towards a bullish trend. This breaking news comes as a breath of fresh air for investors who have been closely watching the movement of this particular cryptocurrency.

Breaking Out of a Prolonged Pattern

For the past two years, Monero has been stuck in a basing pattern, characterized by low volatility and price consolidation between $100 and $200. This period of stagnation followed a sharp decline from its highs above $500 in 2021, creating a sense of equilibrium between supply and demand in the market. However, the recent breakout above $200 suggests that the cryptocurrency has finally broken free from this pattern, signaling a potential uptrend in the near future.

Path Towards Higher Prices

With prices now stabilizing above $200, it is evident that the floating supply at bear market lows has been absorbed, paving the way for further price gains. According to the Wyckoff analysis method, this shift indicates that the path of least resistance for Monero is upwards, making it an attractive prospect for bullish investors. The next significant resistance level to watch out for is at $287, which was the lower high reached in April 2022. Any movement back into the previous sideways channel could potentially invalidate this positive outlook.

Expert Insight: Omkar Godbole

Omkar Godbole, a Co-Managing Editor on CoinDesk’s Markets team based in Mumbai, provides valuable insights into the cryptocurrency market. With a background in finance and a member of the Chartered Market Technician (CMT), Omkar’s analysis sheds light on the potential price gains for Monero. His experience in currency markets and fundamental analysis adds credibility to the optimistic forecast for XMR.

As we witness Monero’s breakout from its basing pattern, it’s essential to stay informed about the latest developments in the cryptocurrency market. Whether you’re a seasoned investor or a newcomer to the world of digital assets, keeping track of trends like these can help you make informed decisions about your investment portfolio. So, are you ready to ride the wave of potential price gains with Monero XMR?