XMR Technical Analysis: How High Is The Risk Of Falling To $80?
Table of contents
However, the local initiative was completely destroyed by the last fall wave from 6 June. Buyers allowed sellers to update the local low from 9 May and bring price closer to the last important level - the $110 range. The last time the coin price was in this range was in November 2020. It was after breaking and fixing above this range that the XMR price made the growth wave to $519. Losing this range will open the way for sellers to the $80 mark. It is in this mark that you should buy XMR if the price on the weekly timeframe breaks $110 and stays below this mark.
XMR Technical Analysis On The Daily Timeframe
Analyzing the price movement of XMR on the daily timeframe, there are some chances for a price reversal. If the weekly timeframe on the trading volumes does not show any interest from buyers, then on the day we see increased volumes in the range of $110-$140. Sellers were able to update the local low from 12 May. However, this has not helped them to accelerate the fall. After updating the low, sellers met with limited orders from buyers, which significantly slowed down the price.
A consolidation wedge scenario emerges, signaling the likely end of the XMR fall wave. To test it, the XMR price should not fall below $100. In addition, the rebound XMR up should be no weaker than 50-60%. The buyers' target is $172. If buyers can realize such a rebound - we will expect another XMR fall wave, after which the medium-term era of buyers will begin.
XMRBTC Price Is Trying To Fix Above The Trend Line
The XMRBTC weekly chart shows us a rather dangerous situation. For 10 weeks, the XMRBTC price was in consolidation. Below is a trend line, which buyers have broken and do not give. Above is a liquidity zone of 0.0062, which is firmly held by sellers. Ahead on the XMRBTC a strong movement is expected. Though, it is not entirely clear in which direction. In the event of a loss of control by buyers of the trend line, we will expect the XRMBTC price to fall by 25%. Therefore, you should buy XMRBTC either after fixing above 0.0062 or near the mark of 0.004. In this case, it will be a reliable entry into the medium term.