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Monero is showing signs of stability after last week’s volatility, sparked by concerns over network centralization. The privacy-focused crypto XMR is changing hands at $256.44, up 1.76% in the past 24 hours. However, the token remains 12.33% down since the past week’s high. Talking more about numbers, the 24-hour trading volume fell 25.65% to $90.08 million, signaling FUD among traders.
The rally comes as Monero recovers from a sharp dip caused by Qubic mining pool’s brief control of over 51% of the network hash rate. This raised fears of potential double-spend attacks. Community efforts have since reduced Qubic’s dominance, restoring confidence but leaving longer-term decentralization concerns unresolved. Intriguing enough? Join me as I give you the potential price targets for XMR.
Monero Price Analysis
XMR price bounced off the $251 support on August 12, shortly after the RSI14 dropped to the oversold territory at 25.5. The price briefly touched a high of $259.74, now hovering around $256. Technically speaking, this rebound is in line with short-term traders buying the dip, expecting a mean reversion toward the 7-day SMA at $269.
However, momentum indicators remain mixed. The 200-day EMA at $272.83 is a critical resistance level, while failure to sustain above $269 could trigger a retest of the $240 support zone.
On the 4-hour chart, Bollinger Bands are tightening after a prolonged downtrend, suggesting a volatility squeeze. A decisive breakout above the midline at ~$263 could attract more buyers. Meanwhile, the RSI has recovered to 44.27, exiting oversold levels but not yet confirming bullish strength.
FAQs
XMR rebounded due to reduced centralization risks, technical oversold buying, and broader market strength.
Immediate support lies at $251 and $240, while resistance is at $269 and $272.
Not yet confirmed. Momentum remains weak, and mining centralization risks could weigh on price action.
