Key Insights:

• Monero’s price chart displays a breakout from a prolonged basing pattern, indicating market stabilization.
• The focus now shifts to the $287 resistance level.

Privacy-focused cryptocurrencies are gaining attention as Monero (XMR) recently cleared the $200 milestone, marking a significant shift in market momentum. For more than two years, Monero remained trapped in a range between $100 and $200, indicating a balance between supply and demand following its peak above $500 in 2021.

It’s now apparent that the price has established itself comfortably above $200, suggesting that the excess supply at lower price points has been absorbed, thus paving the way for a potential upward trend. Analysts referencing the Wyckoff method agree that the next major hurdle lies at $287, representing the lower high from April 2022. A return to the previous price range would undermine this optimistic forecast.

Monero Price Chart Monero’s weekly price chart. (TradingView/CoinDesk)