Monero’s Double Bottom Pattern Targets $380: Is the Breakout Coming?

• Monero’s double bottom pattern signals a potential breakout to $380.
• Support at $215 is holding strong, with $260 as the next resistance.
• Monero’s price action suggests a bullish move is underway if resistance breaks.

Monero (XMR) is currently in a strong bullish setup, as it prints a double bottom pattern on the weekly chart. The cryptocurrency broke out of a multi-year accumulation range in December 2024 and continues to hold strong. As the pattern unfolds, traders are eyeing the next significant move that could signal further price appreciation for XMR.

Pay attention to $XMR #Monero here 👀
Printed the same Double Bottom pattern, broke out of the multi-year Accumulation range in December and still holding above it!! 💪
This market structure looks absolutely gorgeous. I wish every altcoin looked like this right now pic.twitter.com/juDDvLULL5

— CryptoBullet (@CryptoBullet1) April 5, 2025

The double bottom pattern is a classic chart formation that typically signals a trend reversal. After the formation of two lows, the price tends to rally once the neckline is broken. Monero has been holding strong above key support levels, showing potential for further upside. If the price breaks through the upper resistance, traders expect a continuation of this bullish trend.

Double Bottom Pattern: A Key Indicator for Bullish Sentiment

The double bottom pattern, as shown on Monero’s chart, indicates that the cryptocurrency is setting up for a potential breakout. The first bottom occurred around 2019, followed by a retest in 2020. After this second bottom, the price started to rise, breaking out of the accumulation range that had been in place for years.

Traders often look for confirmation once the price moves above the neckline of the double bottom. In Monero’s case, the price is steadily pushing higher, making it a key indicator for those anticipating a breakout. The formation of this pattern typically signals a shift from a bearish to a bullish market sentiment, with a potential for higher price levels.

Moreover, the chart’s structure supports the bullish outlook, as each successive peak shows growing strength. This structure is often associated with higher price targets in the future, making Monero a potential candidate for traders seeking strong returns.

What to Expect Next: Bullish Potential for Monero

As Monero holds strong above the $215 mark, traders are closely watching for a decisive breakout above the $260 resistance level. If the price clears this barrier, a new price target of $380 could be in play. The key to this potential rally will be the confirmation of the breakout from the double bottom pattern and sustained upward momentum.

The price has already shown resilience, holding above the previous bottoms and showing bullish strength. If the breakout is confirmed, Monero could see further upward movement, which might lead to new highs. This will depend on how the market reacts to the upcoming resistance levels and the overall cryptocurrency market sentiment.

Original Article