XMR traded at approximately $626 in today’s session, rising 3.6% over the past 24 hours and recording $140 million in trading volume. In contrast, Bitcoin hovered near $76,800, failing to sustain its previous rebound.
Monero leads amid broader crypto selloff
Monero demonstrated renewed strength following a turbulent October, when XMR neared $650 before receding to around $575 as major cryptocurrencies saw sharp corrections.
After this decline, Monero rebounded and held above $600, reclaiming an area that had served as significant resistance in recent months.
This resilience stands out compared to Bitcoin, which continues to be affected by institutional outflows and heightening concerns around liquidity and further price drops.
Veteran trader Peter Brandt previously pointed to Monero’s technical chart as comparatively robust among larger digital assets, noting XMR’s ability to sustain key price levels despite broader market volatility.
Monero is a privacy-focused cryptocurrency developed to facilitate confidential transactions. Its blockchain leverages advanced cryptography to obscure sender, receiver, and transaction amounts, making it a popular choice for users seeking strong financial privacy.
Monero’s price structure has been highlighted by traders for its strong rebound from major support, distinguishing it during periods of selling across other top cryptocurrencies.
Price outlook: $650 resistance and potential bullish scenario
Immediate resistance for Monero sits around $630, with a critical zone between $645 and $650 that saw numerous tests during October’s volatile sessions.
If buyers succeed in pushing XMR above $650, bullish momentum may further accelerate toward $680, with the $700 threshold considered an optimistic target should demand persist.
However, a conclusive breakout would need more than the current 3% uptick to maintain upward pressure, as traders watch for sustained inflows and volume.
Key support lies at the $600 mark, which traders regard as an important psychological area. A drop below this level could bring $575 back into focus, while an extended retracement may reach support near $540 to $550.
| Level | Type | Relevance |
|---|---|---|
| $630 | Immediate resistance | Near-term upside barrier |
| $645-$650 | Major resistance | Tested repeatedly in October |
| $680 | Potential target | Above breakout confirmation |
| $700 | Optimistic target | Requires extended rally |
| $600 | Key support | Psychological level |
| $575 | Secondary support | Recent correction low |
| $540–$550 | Deeper support zone | Extended retracement area |
These levels serve as technical guides for traders rather than predetermined price outcomes, as market sentiment and liquidity shifts remain central to Monero’s trajectory.
Network upgrade remains in testing phase
Monero’s third beta stressnet completed its scheduled protocol fork on October 5, followed by several software refinements later in the month.
Despite these developments, the upgrade is still under evaluation and has not been assigned an official mainnet activation date.
The ongoing upgrade process adds context to Monero’s long-term investment case, though there is no confirmed link between these technical advancements and the current rally observed on November 3.
Mini dictionary: Mainnet — This is the fully operational version of a blockchain where real transactions occur, as opposed to test networks where developers trial upgrades without affecting actual coins or tokens.
Recent network improvements are still being tested and no finalized schedule exists for deployment on Monero’s mainnet.
