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Monero ‘falling wedge’ breakout positions XMR price for 75% rally

Published 04/24/2022, 05:49 AM
Updated 04/25/2022, 08:00 AM
Monero ‘falling wedge’ breakout positions XMR price for 75% rally

Monero ‘falling wedge’ breakout positions XMR price for 75% rally

Monero (XMR) price dropped by nearly 10% three days after establishing a week-to-date high of around $290 on April 24. Nonetheless, several technical indicators suggest that the XMR/USD pair is poised to resume its uptrend over the next few months.

Notably, XMR’s price broke out of its “falling wedge” structure in late March. It continued its move upside in the later daily sessions, with rising volumes indicating bullish sentiment among Monero traders.

XMR/USD weekly price chart featuring 'falling wedge' breakout setup. Source: TradingView
Top 10 privacy coin performers in the last seven days. Source: Messari
XMR/USD daily price chart. Source: TradingView

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