Monero (XMRUSD) continued to decline in recent intraday trading as the cryptocurrency searches for a higher low that could serve as a foundation for rebuilding the positive momentum needed to resume its recovery. Despite the recent weakness, a short-term bullish corrective trend remains intact, with the latest pullback bringing the price back to support at its 50-period Simple Moving Average (SMA), a factor that enhances the prospects for a renewed advance. Meanwhile, momentum indicators have fallen into extremely oversold territory, to a degree that appears exaggerated relative to the price action, suggesting that a bullish divergence may be starting to develop.

Therefore, our outlook remains bullish for the cryptocurrency's upcoming intraday trading sessions, provided support at $310.00 holds firm. Under this scenario, the price is expected to retest the key resistance level at $331.00 in preparation for a potential breakout attempt.

Today's price forecast: Bullish.