Can XMR stabilize after a significant pullback? The key significance of support levels from a technical perspective

【CryptoWorld】Monero has been making quite a fuss recently—dropping straight from a high point, with the price once approaching the $800 mark. Trading volume has skyrocketed to several times the usual, with an increase of over 400%, indicating that market participation has indeed picked up. However, this wave of decline has also wiped out more than 30% of the recent gains.

It appears to be a typical profit-taking market—when the gains are too large and too rapid, it’s easy for bottom-fishing traders to push the price down, ultimately causing the market to correct itself. From a technical perspective, XMR is still within the broader upward trend; the key is whether those critical support levels can hold. Holding these supports increases the likelihood of a rebound; once broken, a deeper correction may be imminent.

The target of $1000 is still on the table, but the prerequisite is that Monero must first stabilize and regain its position above the upward resistance level.