Monero (XMR) has recently topped $200, indicating a significant bullish shift in market sentiment. The weekly price chart reveals a breakout from a prolonged basing pattern, which had shown price consolidation and demand-supply equilibrium between $100 to $200 after a decline from the 2021 highs exceeding $500. With prices establishing a foothold above $200, analysts suggest that the floating supply at bear market lows has been absorbed, paving the way for an upward trajectory. The next resistance level to watch is $287, the previous lower high reached in April 2022. Should XMR revert back into the prior sideways channel, the optimistic outlook would be negated.

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