Monero Holds 0.618 Fibonacci as Rounded Bottom Formation Builds

Monero is maintaining strength above the 0.618 Fibonacci retracement, supported by VWAP SR confluence. This setup increases the probability of a rounded bottom forming for a move into higher resistance levels.

Monero has shown resilience after bouncing from the 0.618 Fibonacci retracement, where VWAP SR provided additional confluence. This support level is now central to the bullish outlook, with the potential to establish a rounded bottom pattern.

Key Technical Points:

- 0.618 Fibonacci Support: Critical zone currently holding.
- VWAP SR Confluence: Adds strength to the support region.
- Rounded Bottom Potential: Structure hints at bullish continuation if support sustains.

Price action on Monero has consistently respected Fibonacci levels, with the 0.618 retracement serving as a reliable inflection point. The recent bounce from this level, reinforced by VWAP SR, highlights the presence of demand.

As long as Monero holds above this support, the probability of a rounded bottom structure developing increases. This formation often precedes a push into higher resistance levels, marking the transition from corrective phases to bullish continuation.

Volume dynamics and buyer participation will be critical here. If bullish inflows increase, the rounded bottom pattern could solidify, creating conditions for a rotation into upper resistance. Conversely, failure to hold the 0.618 would weaken the bullish setup.

What to Expect in the Coming Price Action:

If Monero sustains its defense of the 0.618 Fibonacci and VWAP SR confluence, the probability of a bullish rotation higher grows. This could establish a rounded bottom pattern targeting upper resistance zones.