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Vikram
May 3, 2022
by Vikram

XMR Technical Analysis: Back at $200, Will XMR Rise Again?

XMR
XMR prices break below the support trendline and fail to find support before the psychological level of $200. Will buyers manage to have a bullish rerun?

Key technical points:

  • XMR price deflated by 30% last fortnight.

  • The market price falls under the 200-day EMA.

  • The 24-hour trading volume of Monero is $271 Million, marking a 40% rise. 

    • Past Performance of XMR

    XMR token price trades at $207 with more than 2.09% overnight fall. The downfall breaks under the 200-day EMA and shows a dip at the psychological barrier of $200. However, buyers lining up to buy the dip result in a bullish piercing candle.

    TradingView Chart

    XMR Technical Analysis 

    XMR coin price shows higher price rejection in the daily candle during the 90 points last fortnight, implying a formidable selling pressure. Hence, the recovery projects a higher likelihood of being a retest rather than a trend reversal point. Moreover, the lack of significant increase in trading volume questions the bull run possibility.

    The correction rally induces a bearish influence on the 50-day EMA, resulting in a falling trend and lowering the chances of the 100 and 200-day EMA bullish crossover. Moreover, the market price retests the merged EMAs with an evident higher price rejection.

    The RSI slope displays a minor reversal from the oversold zone, ready to approach the 14-day SMA.

    The MACD and signal lines project a huge bearish spread, continuing to grow as the lines fall under the halfway mark. Moreover, the MACD histograms display a remarkable trend in motion, giving an idea of the formidable underlying bearishness.

    In short, the XMR technical analysis displays a bearish trend soon to break under $200.

    Upcoming Trend 

    XMR coin price fails to find a bullish commitment at the psychological mark of $200 as the trading volume remains unimpressive. That's why traders can find a selling opportunity with closing below the psychological mark. 

    Resistance Levels: $225 and $250

    Support Levels: $200 and $180

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    XMR Technical Analysis: Back at $200, Will XMR Rise Again?
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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