As seen in the above chart, the Monero price has been rising steadily within a rising parallel channel before a bullish breakout to new highs. The bulls are defending the support at the resistance of the channel, and until the price remains above this range, the possibility of a strong bounce could persist. The MACD is about to undergo a bearish crossover, hinting towards a deeper correction; however, OBV remains elevated. The levels are rising along the increasing trend line, which is acting as a support, flashing bullish signals for the crypto.
What’s next for Monero? Will it Reach $1000?
Today’s move looks like a cooldown after a rapid rally. Monero is now testing whether that surge built a real base or was just a short-lived spike. If buyers defend support and the price starts consolidating, XMR can rebound. If support breaks, the pullback may deepen as the market searches for stronger demand. Volatility should stay high over the next few sessions.
Despite this, Monero can still reach $1,000, but not because of today’s drop. This looks like an overheated rally unwinding. XMR must stabilize, reclaim key resistance, and retest recent highs. If it fails, the correction extends and delays the $1,000 target.
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