Monero Poised for Bullish Breakout from Pennant Formation
Monero (XMR) has rebounded from $230 support, setting up a potential bullish breakout. The price is currently consolidating in a pennant formation, signaling momentum may soon shift upward.
Following a 10% drop due to centralization fears from an overpowered mining pool hitting 51% of hashrate, XMR launched a comeback. Now,the chart suggests more gains ahead if a strong breakout happens.
Key levels include:
- $244 as the initial upside target (point of control)
- $344 as the main resistance (high-time frame)
For this to materialize, a decisive breakout needs pinpoint volume confirmation. Engulfing candles at $230 hinted an early bullish turn, reinforcing the base for a rally.
A pennant formation generally predicts a continuation of the prior trend—a bullish one here. If Monero escapes the pennant decisively, it will likely inch towards $244 first.
Should this occur, the stage sets for another push towards $344, a zone brimming with historic supply pressure.
Volume trends match the anecdotal signals. Historically,after calm periods like a pennant,a burst of trading ofen follows—signalling that price could leap.
Keep your eyes on Monero. A hold above $230 keeps the bull flag burning, possibly opening paths up to $244—in time, beyond—if the numbers align.
