Monero Nears 200-Day MA as Bullish Bat Pattern Suggests 50-75% Upside Potential

Monero (XMR) has shown resilience in the current cryptocurrency market slowdown, with a 5% gain amid broader altcoin declines following Ethereum’s retreat to $4,400 from a recent peak of $4,780 [1]. Technical analysts are now pointing to a potential turning point in XMR’s price action as a key harmonic pattern emerges on the daily chart [1].

The formation in question is a textbook Bullish Bat pattern, a structure known for signaling strong reversals and setting up for a significant upward move [1]. This pattern has developed with a clear structure: the initial leg from point X at around $184.98, a rally to point A, a retracement down to point B, a bounce to point C, and a pullback to point D near $232 [1]. Currently, XMR is trading around $249 and approaching the 200-day moving average, which stands at approximately $273 [1]. This level is seen as a key short-term resistance and a critical confirmation for the bullish scenario.

If XMR can break above the 200-day moving average with strong volume, the Bullish Bat pattern suggests a potential price target between $331 (0.618 Fibonacci extension of the CD leg) and $422 (1.0 extension) [1]. These levels are historically associated with the completion of the Bat pattern and could serve as key reversal zones. However, this bullish case remains conditional. A breakdown below the D point support near $232 would invalidate the pattern and likely lead to a consolidation or delay in the upward move [1].

The broader market context remains a key factor, as the strength of XMR’s move will be influenced by broader sentiment, particularly the performance of Ethereum and the overall crypto market. Traders watching this pattern are advised to monitor both volume and price action near critical levels for confirmation.

Source: [1] Monero (XMR) To Rise Higher? Key Harmonic Pattern Signals Potential Upside Move (https://coinmarketcap.com/community/articles/68a0d2ee00c92366926de12a/)