Monero [$XMR] has been in a retracement phase since mid-January, but this could be changing.

In the past 24 hours, $XMRhas registered 8.49% in gains. Interestingly, this rally saw the privacy token clear the $352 local resistance for the first time in April.

The Fixed Range Volume Profile plotted during the retracement showed that the Point of Control (red) was at $347, close to the $352 local resistance.

After testing this level repeatedly over the past two weeks, the bulls achieved a short-term victory.

The breakout has now reached the $380-$395 supply zone, but this level might not pose a big obstacle to the buyers. The buying volume recently has been extraordinary, as the volume bars showed.

Therefore, it was likely that the uptrend could continue from here. The Awesome Oscillator has indicated upward momentum over the past week, and the recent breakout bolstered these readings.

On the other hand, the OBV was a fair distance from the local highs. This was a bearish divergence, a sign that buying volume has not been consistent in recent weeks.

Though the price was above a local resistance, the OBV warned buyers of potential weakness in the uptrend.

Should Monero buyers take profits or hold on?

The 4-hour chart was illuminating. The local high at $382 (green) has been breached. The OBV and the Awesome Oscillator were firmly bullish on the 4-hour timeframe.

The higher timeframe bias was bullish, and the 4-hour chart’s direction has aligned with it. Monero traders and investors should be on the lookout for buying opportunities and expect further gains.

The $340-$345 demand zone (cyan) was the line in the sand for the bulls to hold in case of a deep retracement. A drop to $355 would likely present a buying opportunity.

Beyond $400, the $480-$500 is the next critical supply zone. The $487 level was where the Value Area High of the retracement phase’s volume profile lay, marking an important resistance.

Bitcoin [BTC] has strong upward momentum, but a sell-off from near $80k could negatively impact $XMRsentiment.

Final Summary

• Monero bulls have succeeded in forcing a breakout past $355 after two weeks of trying.
• A breakout past $400 could see a move to $480-$500, but traders can also expect a short-term retracement toward $355.

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