Monero price is consolidating inside a bullish pennant formation after bouncing strongly from $230 support. Technical structure suggests a potential breakout could propel price toward $344 resistance in the coming sessions. Summary Monero consolidates in a bullish pennant after rebounding from $230 support. First upside target sits at $244 point of control, followed by $344 resistance. Breakout requires confirmation from strong bullish volume influxes. Monero (XMR) has staged a bullish rebound from $230, shifting the local market structure in favor of buyers. With price now coiling inside a pennant formation, momentum appears to be building for an upside expansion.This recovery comes after Monero fell 10% when a single mining pool gained over 51% of the hashrate, sparking centralization concerns. The technical outlook remains constructive, but confirmation will depend on a breakout supported by strong volume influxes. Monero price key technical points Support Zone: Price reacted bullishly at $230, confirmed by engulfing candles that shifted local structure. Pennant Formation: Price is consolidating inside a pennant pattern near the value area, a precursor to expansion. Upside Targets: First target at $244 point of control; high-time-frame resistance stands at $344. You might also like: SUI price holds support at $3, is a rally to $5 next? XMRUSDT (1D) Chart: Source, TradingView The recovery from $230 marked a decisive moment for Monero, as engulfing candles at this level reversed short-term bearish momentum and established a local structural shift. This zone has now become a foundation of support, offering buyers a technical base for continuation. Since reclaiming this support, XMR has compressed into a bullish pennant. Pennants typically serve as continuation patterns, where price consolidates within a narrowing range before breaking impulsively in the direction of the prevailing trend. In Monero’s case, the broader trend remains bullish, making an upside resolution the higher-probability outcome. You might also like: Ripple expands RLUSD stablecoin to Africa with three new partnerships The next immediate level of interest sits at $244, which coincides with the point of control POC of the current value area. A breakout toward this region would mark the first step in confirming bullish continuation. If momentum remains strong and price closes convincingly above $244, traders can then set sights on the higher-time-frame resistance level of $344, a key zone where major supply resides. Volume analysis further supports the consolidation narrative. The profile shows a steady decline in activity as price coils within the pennant, which is a natural characteristic of compression phases. Historically, such periods are followed by sharp expansions once new influxes of demand arrive. What to expect in the coming price action Monero remains in a bullish setup as long as $230 support holds. A breakout from the pennant could first test $244 before extending toward $344, provided volume confirms the continuation move. Read more: LINK price eyes 92% upside after defending support at $23