Monero Price Eyes Rally to $344 After Bullish Pennant Breakout
Monero price bounced off a key $230 support zone and is now coiling within a bullish pennant, signaling a potential upward extension. The first upside target lies at the $244 point of control, followed by the high-time-frame resistance around $344. A decisive breakout requires confirmation via a surge in trading volume, as typical pennant patterns precede sharp trend continuations. This rebound follows Monero’s 10% decline earlier, driven by centralization concerns after a mining pool exceeded 51% hashrate. For traders, maintaining support at $230 is crucial; a close above $244 could pave the way toward $344. Market participants should monitor volume spikes and pattern resolution to gauge XMR’s next move.
Bullish
Monero’s consolidation into a bullish pennant after a rebound from $230 support suggests building momentum for continuation. Historically, pennant patterns resolve in the prevailing trend direction, making an upside breakout toward $344 more probable if accompanied by a volume surge. Similar breakouts in cryptocurrencies often lead to rapid price extensions, as seen when Bitcoin breached key resistance after pennant formations. In the short term, traders should watch $230 and $244 levels: a confirmed break above $244 with strong volume could trigger a quick run to $344. If volume fails to materialize, XMR may remain range-bound. In the long term, sustaining support and repeated confirmation of higher lows may attract further institutional or retail interest, reinforcing bullish pressure. Overall, the pattern and volume profile favor buyers, marking a bullish outlook for Monero price.