Monero Price Poised for 35% Gain as Momentum Builds

Monero (XMR) has recently exhibited signs of renewed activity after a period of subdued price movements. The daily chart indicates a potential setup that could surprise traders this month. The price of XMR is currently trading around $322.40, showing a slight gain after bouncing from a recent local low near $300. The last major uptrend, which occurred from late April to May, saw Monero's price surge from approximately $160 to a peak just above $400, marking a 150% rally. The recent sideways movement between $300 and $330 suggests a consolidation phase following this strong impulse.

The Relative Strength Index (RSI) is currently at 52.66, slightly above the neutral 50 mark, indicating that the price momentum has shifted from oversold to a more balanced state. During the April surge, the RSI pushed past 70, marking a strong overbought rally that corresponded with the breakout. If the RSI continues to climb toward 60–65 while the price stays above the $310–$320 range, traders could expect another strong leg up. If the RSI gains 10 points in the next 5–7 sessions, Monero's price could retest the previous resistance near $360.

The immediate support zone is around $310–$318. A daily close below this level could open a retest of deeper support near $280, which also aligns with a visible gap on the chart. On the upside, the first resistance is $340, followed by the May high at $400. A simple Fibonacci check, taking the recent high at $400 and low near $280, shows that the 50% retracement lands at $340, matching the first resistance. If Monero's price breaks this level on convincing volume, the next Fibonacci extension targets $420–$440, representing a potential 35% gain from current levels.

If Monero's price sustains an average daily gain of 2%, similar to its April–May momentum, it would need about 10–12 sessions to reclaim the $400 mark. This calculation shows that if bulls maintain moderate buying pressure, XMR's price can realistically aim for $400 by mid-July. Based on the Heikin Ashi trend candles, stable RSI recovery, and clear Fibonacci levels, XMR's price is poised for a bullish attempt if it holds above $318. A daily close above $340 could open a path to $400, while failure to hold the $310 level might drag it back toward $280. Traders should watch for confirmation in the RSI crossing above 55–60 and volume expansion to confirm the breakout. Overall, Monero's price looks ready to attempt a fresh push higher, but risk management remains key in this volatile range.

Monero's chart suggests the privacy coin may be warming up for another rally. If momentum holds, $400 is a realistic target for July, but breaking $340 is the first test.