Monero Price Eyes Crucial Breakout at $380 Resistance

Monero (XMR) has seen a significant price increase of over 11% in the past week, making it one of the top-performing tokens in the crypto market. The token's price has pushed back towards the $375-$380 resistance zone after weeks of steady accumulation. Rising market participation and renewed discussions around privacy-focused cryptocurrencies have added to the bullish narrative.

The key question now is whether buyers can force a breakout or face another rejection at this long-standing resistance. Monero has extended its recovery after forming a series of higher lows throughout July, bringing the token back to the $375-$380 resistance zone. This area has capped every major rally since February, making it the most important level for bulls to reclaim.

A decisive daily close above this supply zone could confirm a breakout and pave the way toward $423, with the next major upside target near $478. However, another rejection could trigger a pullback toward the $316 support before buyers attempt another breakout. Supporting the bullish case, On-Balance Volume (OBV) has started trending higher, indicating steady accumulation as XMR approaches resistance.