Monero Bulls Charge Toward $500—But First, They’ll Need to Smash Through the $420 Wall

Privacy coin Monero (XMR) isn’t asking for permission—it’s gunning straight for the $500 psychological milestone. But traders eyeing those gains should brace for turbulence at $420, a stubborn resistance level that’s separating eager bulls from their upside dreams.

Technical analysts note the $420 zone has flipped from support to resistance three times this quarter alone—making it the crypto equivalent of a bouncer at an overpriced nightclub. If XMR punches through, the path to $500 clears fast. Fail? Prepare for the usual crypto theater of ’macro headwinds’ and ’profit-taking’ excuses.

Meanwhile, institutional traders are already placing bets—because nothing spices up a slow June like gambling on privacy tech that regulators would love to strangle. Stay volatile, friends.

Monero price technical analysis

The daily chart shows that XMR has been in a sustained bull run since February 2024, when it was trading at $100.90. The token remains above both the 50-day and 100-day Exponential Moving Averages.

It has rebounded to $366 from last week’s low of $312. The Relative Strength Index and the MACD have all pointed upwards. 

For the rally to continue, Monero must break above resistance at $420, its highest point this year. A successful move above this level WOULD invalidate the double-top pattern, whose neckline sits at $312, and could signal a further rally toward $500. Conversely, a drop below the $312 support would invalidate the bullish outlook.