Monero (XMR) Breaks 2-Year Resistance and Eyes $250 Target Soon

• Monero has broken a two-year resistance and now aims for $250 in the coming months.  
• The price surged 50% and could see more gains as buying interest increases.  
• If the trend continues, XMR may push toward $273.18 as the next key level.

The chart for Monero presents a highly compelling case for potential price movement in the coming months, specifically drawing attention to its breakout above a crucial two-year resistance level. The image reveals a clear trend over the last two years, where the asset struggled to break through the $177.92 resistance zone, a critical level that had acted as a ceiling for XMR’s price.   

This level, marked in the chart with a clear horizontal line, has been a  barrier for Monero, preventing any price gains for a long period. However, as the chart shows, $XMR seems to be gearing up for a break above this level, indicating a major shift in momentum.

This resistance line, which has been tested multiple times from 2021 up until now, appears to be at a tipping point. The chart’s latest price action indicates that $XMR is on the verge of breaching the $177.92 barrier, with analysts like Dom (@traderview2) noting that this breakout could push the cryptocurrency towards the $250 mark, possibly in the very near future. 

The Structure Remains Intact

The analyst emphasized that the structure of the chart remains intact, which suggests that Monero’s breakout could happen sooner rather than later, possibly even within the next few months. He goes as far as to claim that, as long as the current pattern holds, $XMR’s trajectory points toward $250+, an optimistic prediction that aligns with the visible upward trend. The current structure features an accelerating price rise that could very well see $XMR making a swift ascent once the two-year resistance is definitively broken.

Looking at the context, the chart also shows the price of $XMR testing the upper resistance at $273.18, a point that is likely to act as the next hurdle once the $177.92 resistance is cleared. This level is seen as a short-term price target, and surpassing it could pave the way for further price exploration. 

Bullish Momentum and Key Targets

The price action illustrates the bullish momentum gaining ground, with movements suggesting that the path of least resistance is upward. The presence of a breakout would mark the end of a settling phase and likely lead to market participation, with more investors jumping on the Monero bandwagon. 

The token's price history also shows instances of higher volatility during value surges, which points to a possible scenario where investors could see large price swings in the short term. This volatility could be a double-edged sword, potentially leading to quick profits for traders and risking rapid retracements without a bullish trend.

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