Monero Price Rebounds, Will It Clear Roadblock at $272?

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.

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