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Peter Oleshchuk
May 5, 2022
by Peter Oleshchuk

XMR Technical Analysis: Correction Can Continue To $180

XMR

Table of contents

  1. Technical Analysis Of XMR On The Daily Timeframe
  2. XMRBTC Price Movement
It took only 6 weeks for buyers to reach the main target of $280. We wrote about it in our analysis and it was this mark that buyers kindly showed back in early March. It was during the weekly candle of 7 March that XMR frantic cryptocurrency growth impulse helped determine where the main forces of sellers for global trend change are concentrated. After an uncorrected growth wave for 6 weeks, sellers launched a counterattack after a $280 test. The final target of the correction is in the range of $180. XMR cryptocurrency is one of the strongest at the moment. The fact is that during the weakness of the Bitcoin price, XMR buyers have repeatedly managed to raise the price.

XMR

Therefore, in our opinion, the XMR cryptocurrency should be in the medium-term portfolio of the investor. If the XMR price stays in the range of $180, we will expect an update of the local high and the test of $486. Given the fact that buyers have not kept the global growth trend and still excludes the possibility of the historical high update within one wave of growth. Loss of control by buyers over the $180 mark will maximize the risk of continuing the global growth wave. In that case, breaking the $140 mark will be a matter of time.

Technical Analysis Of XMR On The Daily Timeframe

TradingView Chart

Analyzing the movement of the XMR price on the daily timeframe, we see that the fall wave from 22 April is incomplete. Yes, the daily candles just scream that it is difficult for sellers to push the price down. This is especially noticeable during the period from 25 April. Yes, the counter-attack of buyers in May looks quite active. However, there is one nuance - it is $230. This mark is controlled by sellers.

So far, the XMR price has not broken and has fixed above this mark to open long positions early. The probability of consolidating at $230 to continue falling is quite high, so despite the local achievements of buyers, the global prospect of the XMR price fall continuation is present.

XMRBTC Price Movement

TradingView Chart

The weekly timeframe of the XMRBTC price movement shows that buyers are not ready to give up control of the market. The local growth wave from March 2022 is in force and rising tensions. On the one hand, buyers do not want to give the initiative and this can be seen in the weekly candle from 2 May. On the other hand, buyers do not have enough strength to take control of the range of 0.0065. Therefore, a mark of 0.0065 can be a reversal of the XMRBTC chart. If the next local attempt of buyers does not end with punching and fixing of the price above the given mark - it is necessary to expect falling to 0,004.

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XMR Technical Analysis: Correction Can Continue To $180
Peter Oleshchuk
Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.

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