Oversold Monero nears $226 support, eyes relief rally
Monero has slid sharply into oversold territory after losing its point of control, with price now approaching a critical $226 high-time-frame support zone. This level aligns with a bullish order block and could spark a short-term relief rally if buyers defend it on a weekly close. However, the absence of a capitulation volume spike means a bottom is not yet confirmed. Traders should watch for increased buying volume at $226 to validate a technical bounce. Failure to hold this pivot would likely extend the downtrend and push Monero toward lower structural lows. Key indicators include volume profile signals, support confluence, and relief rally potential. Monitoring these factors will help assess whether Monero can stabilize or resume its decline.
Neutral
As Monero approaches its critical $226 support amid prolonged oversold conditions, the market outlook remains uncertain. A successful defense at this level could trigger a short-term relief rally, mirroring past instances where support held led to quick technical bounces. Conversely, the lack of a capitulation volume spike suggests the downtrend may persist if the pivot fails. In the short term, traders should watch for increased buying volume at $226 to confirm bullish momentum. For the long term, sustained holds above this support are necessary to shift market sentiment; failure would likely extend Monero’s correction to new lows.