TLDR
- Monero (XMR) surged 11.5% to reclaim $360 support after a week-long decline
- The privacy token has gained 66% over the past month and a half, rising from $220 to current levels
- XMR recently hit a four-year high near the crucial $420 resistance level for the first time since 2021
- Analysts say holding the $310-$345 support zone is critical for continued upward movement
- Trading volume increased 65% in 24 hours as XMR secured a spot among daily top gainers
Monero has staged a strong recovery with an 11.5% daily surge that brought the privacy-focused cryptocurrency back above the $360 support level. The move marks the first time XMR has reclaimed this price point in over a week.
The rebound comes after Monero led the top 100 cryptocurrencies by market capitalization with its double-digit percentage gain. Trading volume spiked 65% in the past 24 hours as the token secured a position among daily top gainers.
Over the past month and a half, Monero has delivered impressive returns with a 66% price increase. The cryptocurrency climbed from the $220 support zone to its current trading levels around $366.
The token experienced a sharp 55% daily increase at the end of April, reaching the $340 mark before pulling back. This surge was reportedly connected to suspicious Bitcoin transfers worth approximately $330.7 million that were allegedly converted to XMR.
Recent Price Action and Technical Levels
Following the May market recovery, Monero continued its upward trajectory and reached a four-year high last week. The privacy token came close to testing the crucial $420 resistance level for the first time since 2021.
However, recent market conditions forced XMR to retreat alongside other leading cryptocurrencies. The token declined 21% over the past week and briefly lost its three-week price range on Saturday.
Despite the pullback, Monero has shown resilience by bouncing from key support levels over the past two days. The cryptocurrency reclaimed the $325 mark and moved closer to the $370 resistance zone.
The current price action has brought XMR’s monthly gains to 32.2%, while the 30-day performance shows a 29.85% increase. Market capitalization has grown to $6.56 billion with a market dominance of 0.1977%.
Analyst Perspectives and Key Levels
Technical analyst Sjuul from AltCryptoGems highlighted that Monero is retesting a recently flipped support and resistance zone. This level between $310-$345 is considered crucial for any rally continuation.
Monero has an impressive chart and is likely one of the few "dino" coins not far from breaking its all-time high.$XMR is retesting a flipped S/R level. It is really important to hold this zone; otherwise, it might drop down into that gap.
But so far, so good! pic.twitter.com/36HyyH7wYb
— Sjuul | AltCryptoGems (@AltCryptoGems) June 2, 2025
A failure to hold above this range could send the cryptocurrency toward the gap between this level and the next major support around $220. The $313 level has already proven to be a strong support during recent declines.
Analyst Rekt Capital noted that Monero has followed a similar pattern to its early 2021 performance. The token broke out of its multi-year accumulation range in Q4 2024 and surged above the $286 resistance.
Historical data shows that XMR typically ends its bull market cycles around the $422 resistance level. This type of price action occurs approximately once every four years according to the analyst.
The 50-day exponential moving average currently acts as major support around $311. The 200-day moving average shows consistent upward movement and holds at $214.59, indicating increased buying sentiment.
If bullish momentum continues, Monero could retest its weekly high of $406. A break above this level might lead to a new 52-week high for the privacy token.
On the downside, increased market liquidation could push XMR back to test the weekly low of $313. Further bearish pressure might drive the price down to $270 according to current market analysis.
The Moving Average Convergence Divergence indicator shows movement toward neutral territory on the daily chart. Current market sentiment suggests increased price action may occur in the coming week.
As of the latest data, Monero trades at $366 with the cryptocurrency maintaining its position as one of the top-performing tokens in the current market cycle.
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