- Monero’s price saw a modest rise before retreating to around $285.
- XMR has shown resilience despite negative network news over the past month, rebounding from a low of $233.
- Will bulls push higher toward $400, or will bears dominate in the short term?
At the time of writing, Monero (XMR) trades near $272 as the privacy-focused cryptocurrency’s native token once again meets resistance near the $285 level.
Although Monero’s price has recovered significantly since dropping to a mid-August low of $233, bearish pressure has reemerged and could drive prices below $270.
This comes as XMR records a 29% jump in 24-hour volume to more than $125 million.
Monero price pulls back after testing $285
XMR climbed to $285 during early trading on August 27 as the broader crypto market experienced a modest rebound.
With rallying moves in tokens tracking Ethereum, Solana and XRP, XMR pushed higher to test bears near the $285 supply wall that has capped gains since mid-August.
The move represents roughly a 3% increase for Monero at the time of writing and reduces the token’s 30-day losses to around -17%.
Panic followed reports of a 51% attack on the privacy coin Qubic, which raised investor concerns about potential network vulnerabilities.
Kraken’s temporary suspension of XMR deposits added selling pressure, sending the price down to a $233 low.
Despite setbacks, Monero’s community and miners mobilized quickly.
For example, the decentralized P2Pool mining pool reduced Qubic’s dominance, helping restore network stability and supporting XMR’s rebound to $285.
XMR price outlook
Speculative interest in Monero—evident in a 28% increase in derivatives volume and a positive rise in open interest above $41 million—underscores the token’s resilience.
From a technical standpoint, indicators such as the Relative Strength Index (RSI) and moving average convergence/divergence (MACD) currently favor the bulls.
Monero price chart by TradingView
The daily RSI sits above the neutral point while the MACD recently highlighted a bullish crossover.
Taken together with broader market conditions, the picture suggests bearish momentum could persist, but bulls retain conviction and short-term technical support for an upward bounce.
In an optimistic scenario, a move toward $300 could open the path to $344 and potentially $400.
Conversely, regulatory pressure and wider market weakness could push Monero below $250, with support near $230 and then $200.
Analysts at QCP note that the macro environment and broader risk reduction could weigh on Bitcoin, likely affecting altcoins as well.
“Cryptos have softened as real supply from large holders weighs on the market. BTC conviction may face further tests if U.S. equities fall, increasing the risk of another round of TradFi de-risking,” the analysts wrote.