Monero (XMR), the popular privacy-focused cryptocurrency, has staged a remarkable comeback in recent weeks, soaring by 82% since early April. With strong market fundamentals and bullish technical indicators, analysts believe Monero could soon test its next major resistance at $489 — a key level derived from Fibonacci extensions.

The privacy coin has shown significant strength relative to other top assets like Bitcoin and Ethereum, demonstrating strong buying interest and growing conviction among long-term holders. For many investors, Monero’s latest breakout is not just a short-term rally but a potential setup for a push toward a new all-time high.

Multi-Year Resistance Finally Broken

Monero’s bullish reversal began after breaking out of a multi-year consolidation phase in December 2024. For over two years, the $183 price level acted as a firm resistance, repeatedly rejecting upside moves. In late 2024, XMR finally overcame this barrier and flipped it into a strong support level.

Since that breakout, the asset has retested the $183 zone multiple times, confirming its role as a long-term support level. This confirmation laid the groundwork for the explosive rally that followed in April and May 2025.

According to technical analysis, the $246 level — the 61.8% Fibonacci retracement from the 2021–2022 decline — was a key obstacle for Monero earlier this year. After a failed attempt to breach it previously, XMR finally broke past it in recent weeks, fueling renewed bullish sentiment.

Volume Confirms the Breakout

What makes Monero’s current rally even more compelling is the consistent rise in trading volume. Over the past year, volume trends have supported Monero’s upward movements. From breakout to consolidation and now the ongoing rally, rising volume suggests strong demand for XMR.

Volume is often considered one of the most important confirmation signals for technical patterns. In Monero’s case, the increasing volume alongside price gains signals that the recent uptrend is backed by genuine interest, rather than speculative spikes.

On the one-week chart, the setup remains intensely bullish. The current trend suggests XMR may be preparing for a continuation toward higher price levels, possibly reaching new highs if current conditions persist.

Next Price Targets: $396 and $489

Based on Fibonacci extension levels, the next key price targets for Monero are $396.8 (23.6% extension) and $489.5 (61.8% extension). These levels serve as potential points where traders could expect price reactions, either as pauses or profit-taking opportunities.

The $489 level is particularly significant, as it represents a possible path toward retesting the all-time high of $542. At the current pace, Monero would need to climb another 60% to surpass its historical peak. Given the current momentum, this target is beginning to look more realistic for 2025.

Daily Chart Supports Bullish Outlook

On the daily chart, Monero maintains strong momentum. The Chaikin Money Flow (CMF) reading stands at +0.12, indicating steady capital inflows into the asset. Meanwhile, the Money Flow Index (MFI) does not yet show signs of an overbought market, leaving room for further upside.

In addition, the 20-day moving average of trading volume has been climbing steadily since April, highlighting increasing participation from both retail and institutional traders.

This uptrend is especially notable because it comes during a period when Bitcoin has traded in a tight range. Monero managed to rally nearly 14% in this sideways environment, matching Ethereum’s performance and signaling strength relative to top-layer assets.

Investors Watch for $400 and $500 Levels

With Monero’s momentum showing no signs of slowing, traders are now closely watching the $400 and $500 levels. Many long-term holders may choose to realize profits at these milestones, potentially introducing short-term volatility.

However, barring any major setbacks in the broader crypto market, Monero appears well-positioned for further gains. The combination of strong support levels, high volume, and positive technical indicators points to an asset on the rise.

For now, all eyes are on whether XMR can maintain its upward trajectory and challenge the $489 barrier in the weeks ahead.