Monero breakout attempt at $531.66 resistance: Key levels to watch

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Monero gains 7.18% as rally continues

Highlights

THORChain's v3.20 upgrade enables direct native Monero swaps, increasing XMR access without reliance on centralized exchanges.
This integration supports enhanced liquidity and usability for XMR on decentralized platforms, boosting demand for the asset.
XMR trades in a bullish structure above key averages with strong momentum indicators, projecting a price range of $487.38 to $531.66 over the next 2 to 3 days.

Monero demand surges as THORChain upgrade enables native swaps

THORChain's recent v3.20 upgrade has introduced native Monero swaps, allowing users to trade XMR directly without relying on wrapped tokens or centralized exchanges, according to Cryptobriefing. This integration enhances Monero's liquidity and usability on decentralized platforms, making it more accessible to a broader range of users. As direct swap functionality becomes available, the improved utility and reduction in transactional friction have significantly boosted demand for XMR.

Bullish momentum persists as support levels bolster XMR rally

On the H1 chart, support is established at the MA-20 of $496.54 and the MA-50 at $480.05, while long-term support sits at the daily MA-200 of $358.33. The Ichimoku Kijun level at $497.15 provides immediate backing for the current advance. Bullish signals are confirmed across momentum indicators: both MACD and ADX remain positive, RSI stands at 63.85, CCI issues a buy signal, and Bull/Bear Power points to continued buyer control. However, the Stochastic RSI is overbought, and Awesome Oscillator remains above its signal line, reflecting upward momentum but also hinting that intraday buying pressure may be peaking.

Range-bound trading expected as breakout risks increase

Over the next two to three trading days, XMR is expected to consolidate between $487.38 and $531.66, with a very high probability that the current upward move will persist. Baseline expectations call for continued range-trading within this zone, but a breakout above resistance could open the door to further gains. Conversely, should XMR fall below the immediate support at $497.15, a short-term corrective pullback could develop.

Anton Kharitonov, Traders Union expert, sees Monero’s price strength as mainly driven by the fundamental catalyst of THORChain’s upgrade allowing native XMR swaps. He notes that most momentum indicators are bullish, but warns of overbought conditions and possible short-term exhaustion. Kharitonov remains cautious, expecting consolidation with an upside bias while clear supports are intact. "With demand boosted by new DEX access, I remain defensive and will wait for a confirmed breakout above $531.66 before reassessing the upside."

Earlier, analysts noted that Monero was demonstrating sustained bullish momentum, supported by strong technical indicators but faced with short-term overbought conditions and potential for consolidation. The current outlook adds a new dimension, with utility-driven demand from THORChain integration supporting ongoing strength, and traders should monitor for a breakout above $531.66 as a potential catalyst for further upside.

Source of Data: XMR Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.