XMR Technical Analysis: 20% Fall Collapses Support Trendline
Key technical points:
Past Performance of XMR
XMR coin price shows a phenomenal bullish rise in the past two months with a growth of 92% and reaching the $275 mark. However, the uptrend fails to reach the $300 mark as sellers enter at $275, resulting in a downfall below the support trendline. During the week, the coin price falls 18% and reaches the 50-day EMA.
Source-Tradingview
XMR Technical Analysis
As the selling pressure grows, the XMR coin price finds a bullish breather near the $225 level resulting in a Doji candlestick. Hence, a potential side trend is possible before bears regain trend control.
The falling trend finds support at the 50-day EMA but lowers the 100 and 200-day EMA crossover chances. However, the merger of the EMAs will provide a solid support level in case of 50-day EMA fallout.
MACD Indicator: The MACD and signal lines start a falling trend after the bearish crossover and intensify the bearish histogram.
RSI Indicator: The RSI values fail to reach into the overbought category and crack under the 14-day average and the halfway mark.
In a nutshell, the XMR technical analysis displays a halt in the downtrend and increased chances of consolidation.
Upcoming Trend
The upcoming trend will face a bearish influence if the price closes under the $225 support level and continues to fall to the merged EMAs at $210. Hence, sellers must wait for a bearish continuation to avoid a trap.
Resistance Levels: $250 and $275
Support Levels: $215 and $210