XMR Technical Analysis: Bears Hijack Uptrend Hoping A Reversal To $135

Key technical points:

Past Performance of XMR

As mentioned in our previous analysis, XMR prices break under the psychological mark of $200, resulting in a downfall below all the crucial SMAs. The decline shows lower price rejection at $115 to find a closing above the $130 and forming a morning star pattern. This bullish reversal pattern helps Monero recover 25% of market value over the weekends. 

Source-Tradingview

XMR Technical Analysis 

The reversal rally in the XMR prices lacked the bullish support evident by the volume indicator. Thus, the start of the new week brings a reversal in Monero prices near the $170 mark resulting in a 5.55% fall with the latest daily candle, at press time. 

In the past few weeks, the heightened selling pressure has undermined the golden crossover between the 50- and 200-day SMA. The trend that is sideways after crossing falls under bears' pressure and plunges, increasing the chance of the death cross.

Following a dramatic parabolic reversal away from the oversold border, the RSI slope exceeds its 14-day SMA and displays a retest as the price reverts. Additionally, the DI lines of the DMI indicator suggest a higher likelihood of a trend reversal with a positive crossover since the DI lines take a sharp turn on the opposite side. 

In short, the XMR technical analysis depicts an increase in selling pressure as the uptrend takes a sharp hit.

Upcoming Trend

Let's say that traders at the resistance level of $170 make it difficult for the XMR prices to grow, and it will further push prices below $150. Moreover, the downward trend will eventually reach $135. But the bullish reversal resulting in lower price rejection will exceed $170 before reaching the 200 mark.

Support Levels: $150 and $135

Resistance Levels: $170 and $200