Privacy-focused digital assets could make some noise as soon as their leader, monero (XMR), has broken out of a prolonged “base pattern,” signaling a bullish shift in momentum.
For over two years, Monero was stuck in a low-volatility price basing or consolidation pattern between $100 and $200, marking a balance between supply and demand following the drop from 2021 highs above of $500.
Prices now appear to have established a foothold above $200, meaning that the floating supply at the bear market lows has been absorbed and the path of least resistance is up, as followers of the method would describe it. of Wyckoff analysis. The next significant resistance level is at $287, the lowest high reached in April 2022. A return to the sideways channel would invalidate the bullish outlook.
