XMR Technical Analysis: Buyers Challenge The Bearish Trendline

Key technical points:

Past Performance of XMR

The XMR coin price shows a solid resistance trendline in action, which has pushed multiple bullish attempts. In addition, the trendline has influenced the formation of numerous lower-high formations. However, the new upcoming support trendline brings the possibility of a bullish symmetrical triangle breakout. Moreover, the prices surpass multiple EMAs marking a bullish reversal.

Source-Tradingview

XMR Technical Analysis 

XMR coin price rises higher under the triangle pattern and increases the possibility of a bullish breakout. First, however, traders must wait for the price action confirmation. 

The altcoin price surpasses the 50 and 100-day EMA as the buyers gain momentum. However, the EMAs maintain a bearish alignment as the 200-day EMA moves along the resistance trendline. 

RSI Indicator: The RSI slope maintains an uptrend after the recent retracement to the 50% mark. The uptrend moves with the support of the 14-day SMA, indicating a solid underlying bullishness.

MACD Indicator: The MACD and signal lines keep the short spread uptrend in action despite the falling trend in bullish histograms. 

In a nutshell, the XMR technical analysis shows a rising possibility of a bullish triangle breakout. 

Upcoming Trend 

As the uptrend gains momentum within the triangle, the possibility of XMR prices surpassing the resistance trendline increases. However, a reversal from the utmost resistance will nullify the bullish thesis. Nonetheless, the potential target of the bullish breakout remains at $225. On the other hand, the fallout of the $175 mark could result in a fall to $160.

Resistance Levels: $200 and $225

Support Levels: $175 and $160