Monero Falters After $460 Peak, Heads Towards $194–$424 Range
Monero price has cooled after reaching a yearly high of $460, as bearish pressure builds at a key resistance zone. XMR failed to sustain above $424, closing below this level and indicating weakening bullish momentum. The rejection at $460 suggests sellers are defending this range. If Monero price continues to close under $424, traders may target a corrective retracement towards the major support at $194, which aligns with the 0.618 Fibonacci retracement and value area high. Monero now looks set for range-bound trading between $194 and $424 until a decisive breakout. Bulls will need to reclaim $424 to restore momentum, while failure to hold $400 could lead to deeper falls. Traders should monitor volume and daily closes for confirmation.
Bearish
Monero’s failure to sustain gains above the $460–$424 resistance cluster mirrors previous rejection patterns that preceded corrective retracements. Historically, repeated closes below key resistance signal that bearish sentiment is gaining control. The alignment of strong support at $194 suggests a likely target for sellers if XMR closes under $424 again. In the short term, this points to increased selling pressure and range-bound action, making the outlook bearish until bulls can reclaim and hold $424. In the long term, recovery will depend on a decisive breakout above this zone. Similar past rejections around major Fibonacci levels have led to 20%–30% pullbacks, reinforcing a cautious trading stance.