Monero (XMR) Jumps 11.5% Amid Crucial Support Retest – Analyst Eyes $420 Resistance
Summary
Monero (XMR) surged 11.5% in a day, reclaiming the $360 support level after a week of decline. The cryptocurrency has increased 66% over the past month, rising from $220 to current levels. A significant factor in this surge was a suspicious transfer of 3,520 BTC, valued at approximately $330.7 million, which was converted to XMR. Monero reached a four-year high recently, approaching the $420 resistance for the first time since 2021. Analysts suggest that maintaining the $310-$345 range is crucial for continued upward momentum, while a drop below this could lead to a decline towards $220. Currently, Monero trades at $366, reflecting a 32.2% increase over the past month.
