Monero’s price is showing clear signs of a momentum shift after facing a strong rejection at the $438 resistance level. The formation of a bearish double top pattern suggests that sellers are gaining control, potentially ending the recent uptrend and steering the price toward lower support.

Key Technical Indicators Point to Weakness

The price action for Monero (XMR) reveals several signals that a change in market structure is underway. After a strong upward push, the asset failed twice to break the $438 resistance, creating a double top—a classic technical pattern that often marks the end of a bullish run. This formation indicates that buying pressure is exhausted at this level.

Further confirming this weakness, the price subsequently broke down from a rising wedge pattern. A rising wedge typically acts as a bearish consolidation structure that forms before a significant downward move. Its breakdown validates the reversal signaled by the double top and reinforces the growing downside pressure.

Adding to the technical headwinds, the broader privacy coin sector has seen a rotation of interest. Some traders have recently favored alternatives like GHOST over established names such as Monero and ZCash, which can impact XMR’s relative market strength.

Price Outlook and Target Support Levels

With sellers defending every recovery attempt, the path of least resistance for Monero now appears to be lower. The market is often drawn toward areas of significant liquidity, and the next major support zone for XMR lies between $313 and $319. With limited support above this region, this area serves as a logical target for the current downward trend.

Given the confirmed double top, the breakdown from the rising wedge, and persistent rejections at resistance, Monero will likely continue to trend lower. The bearish outlook will remain in place unless buyers can decisively reclaim the $438 level and invalidate the current market structure.

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