- Monero’s price saw a modest rebound before pulling back to around USD 285.
- XMR has shown resilience following negative network news over the past month, rising from lows near USD 233.
- Will bulls drive the price up toward USD 400, or will bears dominate in the short term?
Monero (XMR) is trading around $272 at the time of writing, as the privacy-focused cryptocurrency’s native token runs into resistance near $285.
Although Monero’s price has recovered meaningfully after dipping to roughly $233 in mid-August, bearish pressure has re-emerged and could push prices below $270 again.
This renewed caution comes as XMR sees a roughly 29% increase in daily volume, exceeding $125 million.
Monero retreats after testing $285
XMR climbed to $285 in early trading on August 27 as the broader cryptocurrency market experienced a modest bounce.
With projects such as Synthetix showing gains and broader market leaders like Ethereum, Solana, and XRP trading positive, Monero pushed higher to challenge bears at the $285 supply wall that has capped upside since mid-August.
The move represents roughly a 3% gain for Monero at the time of writing and trims XMR’s 30-day losses to about -17%.
Market turmoil after a reported 51% attack on the privacy coin Qubic sparked panic among traders, raising concerns about network vulnerabilities.
Kraken’s temporary suspension of XMR deposits added selling pressure, driving the price down to the $233 lows.
Despite the setback, Monero’s community and mining ecosystem mobilized quickly.
For example, the decentralized mining pool P2Pool reduced Qubic’s dominance to help restore network stability, supporting XMR’s rebound toward $285.
XMR price outlook
Speculative interest in Monero—evidenced by a near 28% rise in derivatives volume and an increase in open interest above $41 million—highlights the token’s resilience.
From a technical perspective, momentum indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) currently tilt in favor of the bulls.
Monero price chart by TradingView
On the daily chart, the RSI sits above the neutral midpoint, and the MACD recently produced a bullish cross.
Coupled with a broader market backdrop, the technical picture suggests that while downward momentum could persist, short-term bullish conviction and technical support could fuel a meaningful rebound.
In a bullish scenario, a move back above $300 could set XMR on a path toward $344 and potentially $400.
Conversely, regulatory headwinds and broader market weakness could push Monero below $250, with potential support near $230 and then $200.
Analysts at QCP note that the macroeconomic environment and a wider de-risking trend could drive Bitcoin lower, which would likely weigh on altcoins as well.
“Cryptocurrencies have softened as genuine supply from large holders weighs on prices. BTC conviction could be further tested if U.S. equities decline, increasing the risk of another round of TradFi-driven de-risking,” the analysts wrote.