$XMR HAS NEARLY 2Xโd SINCE JULYโIS THIS PULLBACK THE NEXT OPPORTUNITY?
Monero has been one of the strongest charts lately: from roughly $305 in July to a high near $622, with higher highs and higher lows the entire way. Price is now around $593, pulling back from that high.
The trend is clearly bullish but after a move this extended, Iโm not chasing. I want a controlled pullback or a confirmed breakout.
Trade setup traders are watching
๐ข Pullback entry: around $575, only if the $570โ$585 support zone holds
๐ Invalidation: a clean break below $548
๐ฏ TP1: $620 โ retest of the recent high
๐ฏ TP2: $650 โ continuation projection into price discovery
From a $575 entry:
Risk: about 4.7% to invalidation
TP1: about 7.8%, or roughly 1.7R
TP2: about 13.0%, or roughly 2.8R
Figures exclude fees and slippage.
Breakout alternative
If XMR does not pull back, watch for a daily close and hold above $622, followed by a successful retest. Above that level, there is little recent chart history so momentum and volume become more important than old resistance.
โ ๏ธ The daily candle is not closed yet. Iโm not entering just because price is green or red near the highs.
โ If $548 breaks, there is no trade. I wait for the next clean structure.
๐ Would you buy the pullback toward $575, or wait for a confirmed breakout above $622?
#XMR #Monero #cryptotrading #TradingSetup