When we last checked in, Monero was trading around $154, and we were primarily focused on an ascending triangle pattern tracing back to its early days in 2017. We posited that a move towards resistance would take it to somewhere in the $480 region. But today we're checking in on a different pattern that's in play at the moment of writing.

We mentioned that Monero had a potential move to the upside, and while it has risen roughly 18% since then, that's not very noteworthy within the scope of the crypto market as a whole which has largely followed Bitcoin's 38% pump (albeit many altcoins have lagged significantly behind) and is a lackluster return compared to the roughly 200% we speculated on.

For reasonable readers, we know that the 200% target is a long term target that will take somewhere in the range of a year to materialize, if it even does. However, Monero's lag behind Bitcoin has materialized in an interesting way.

Drawing a trend line from its ATH reached in the summer of 2021, we see that Monero is currently making contact with it again. More importantly, whereas the April 2022 approach led to an almost immediate and massive rejection, this time Monero has spent roughly two weeks consolidating below it after making initial contact.

It'll be interesting to see where the Monero closes this week, which will happen tomorrow. As shown in the image above, taken just before this post was start, Monero was trading at $183 and essentially trading at the trend line. Now it is trading at $184.92 and briefly ticked above $185.

We'll be following Monero, and particularly so if it maintains its bullish momentum.