XMR Technical Analysis: Bulls Struggle To Keep Prices Above $150
Table of contents
Key Technical Points:
Past Performance of XMR
The Monero (XMR) price action sustains about the $150 support level while maintaining a diagonal uptrend moving close to the support trendline. Furthermore, the price action maintains the overall rising channel pattern accounting for a price jump of 56% in the last six weeks. Currently, the market price supports a sideways trend with the overhead resistance of the 200 days average line.
Source - Tradingview
XMR Technical Analysis
The XMR price shows a 1.19% drop in the daily candle, following the higher price rejection of the previous candle. Hence the likelihood of a bearish breakout below the support trendline increases.
Despite the higher price rejections from the 200 days average line, the Monero market prices sustained above the 100-day SMA. Hence the bullish influence over the 50 and 100 days SMA increases, easing a potential bullish crossover.
The daily RSI slope maintains a diagonally negative trend in the nearly overboard zone displaying a bearish divergence. Moreover, the MACD indicator shows a negative trend in the fast and slow lines, slowly picking up the bearish spread. Hence the technical indicators maintain an overall bearish outlook.
In brief, the XMR Technical Analysis suggests a high likelihood of a bearish fallout rather than the 200-day SMA breakout.
Upcoming Trend
The increasing selling pressure may push the XMR prices below the support trendline resulting in the $155 retest. Moreover, the breakout rally can breach the $150 mark to test the $137 support level.
On the contrary, the bullish reversal will hit the $177 mark.
Resistance Levels: $177 and $200
Support Levels: $155 and $137