For Monero bulls this zone remains a critical resistance level to overcome

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Bitcoin has formed a range between $22.8k and $18.8k over the past month, with $21.8k also serving as a crucial resistance level. Monero has been able to grind its way higher over the past month, but the longer-term trend still favored the bears. In such a fearful market, a move above the $135 resistance level could be unlikely for Monero bulls to pull off.

Source: XMR/USDT on TradingView

On the 6-hour chart, it can be seen that Monero has formed a series of lower highs since April. This downtrend has been pierced by periods of strong upward rallies, such as the mid-May rally from $130 to $200.

Despite the strong rallies, the higher timeframe market structure remained bearish. Key lower high levels on the long-term downtrend were not tested. Instead, former support zones were retested as resistance before the price headed lower once again.

This was what was happening once again. The $120-$130 zone acted as demand in May, but in June and July, the same zone has been retested as resistance multiple times. In fact, Monero formed an uptrend over the past month as it formed a series of higher lows.

Source: XMR/USDT on TradingView

The 2-hour chart showed a rising triangle pattern (white). While this pattern generally indicates an uptrend after a breakout northward, the pattern has formed after a lengthy downtrend. At the same time, it has already been elaborated that the $130 zone was stiff resistance.

Therefore, a breakout and retest of $130-$135 can be a buying opportunity. Until then, buyers would need to remain cautious.

The two Supertrend indicators showed a buy signal for