Monero’s [XMR] bullish breakout; is the second leg of the rally feasible?

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Monero [XMR] broke above its consolidation range of $146.1 – $157.6 on 24 March. However, the bulls’ rally has been undermined after Bitcoin [BTC] lost hold of $28K.

Bulls could get new buying opportunities if BTC reclaims the $28K, especially if XMR’s pullback retests its upper channel’s boundary. 

Read Monero [XMR] Price Prediction 2023-24

Source: XMR/USDT on TradingView

The elevated market uncertainty witnessed in February and the first half of March saw XMR drop sharply from $187.2. But the U.S. banking chaos boosted XMR and the rest of the crypto, prompting increased demand at $134.6. But the first leg of recovery got stuck in the price consolidation range. 

On 24 March, bulls inflicted a patterned breakout with a potential target at $168.8 based on the channel’s height. However, the BTC’s temporary drop from $28K has derailed the rally.

A pullback retest on the channel’s upper boundary ( $157.6) could offer new buying opportunities, targeting the $168.8 – 7% potential rally. 

The stop loss could be placed at the channel’s mid-level of $151.8 with an entry at $157.6. Other key resistance northwards includes $179.1 and $187.2. 

Alternatively, bulls could get secondary buying opportunities if XMR retests the channel’s lower boundary of $146.1. But a close below $146.1 could attract intense selling pressure, dropping XMR to the previous support at $134.6. 

At press time, the RSI value was 62 showing XMR was bullish on the 12-hour charts. The OBV (On Balance Volume) also showed a sharp uptick, indicating trading volumes increased, boosting buying pressure. 

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