Monero's bullish price pattern indicates a potential surge towards $344

Monero, the privacy-focused cryptocurrency, is showing signs of a bullish setup, according to recent market analysis. If a breakout occurs and is confirmed, the price of Monero could potentially extend towards $344.

Currently, the price of Monero is aiming for a potential 92% upside after successfully defending the support at $23. This defensive manoeuvre suggests strong buyer interest, which could be an indication of a bullish trend.

Historically, periods of compression in Monero's price are followed by sharp expansions once new influxes of demand arrive. This could mean that the current compression within a pennant formation could lead to a significant price increase.

A potential breakout from the current pennant could first test the level of $244. This level, if breached, could pave the way for a potential journey towards the significant supply zone at $344.

It's important to note that the higher-time-frame resistance level for Monero is also at $344. This level, if reached, could potentially act as a barrier to further price growth.

The volume analysis indicates a steady decline in activity as price coils within the pennant. This could suggest a build-up of energy, which, if released, could propel the price of Monero towards its potential targets.

The next important decision moments for Monero regarding potential volume increases and further price growth are likely around major network upgrades or community consensus events. These events, typically occurring during scheduled software updates or notable market shifts, could provide the catalyst for increased demand and potential price growth.

At the current moment, the support for Monero is at $230. This level, if breached, could signal a shift in the market sentiment and potentially lead to a correction in the price.

In conclusion, while the bullish setup for Monero is promising, it's essential to keep a close eye on market developments and key decision moments. As always, investors are advised to do their own research and consider their risk appetite before making investment decisions.