XMR Technical Analysis: Multiple Bearish Variables Resist Recovery Rally 

Key technical points:

Past Performance of XMR

Looking at the past performance of Monero, the market value of a single XMR token has depreciated hugely as it fell drastically from $280. The downtrend cut the market price in half before showing a bullish retracement with increased momentum to challenge the correction-generated resistance trendline. This reversal starts from the $140 support level and accounts for a 30% jump to challenge the $175 resistance along with the descending trendline.

Source-Tradingview

XMR Technical Analysis 

The recovery rally in XMR prices reached $175 on 15th May, but the excessive selling pressure and bullish fightbacks led to consolidation. This sideways shift now approaches the resistance trendline with hopes of a bullish breakout to reach the $200 mark.

With the recent bearish crossover of the 100 and 200-day EMAs, the crucial daily EMAs achieve a bearish alignment. However, the lack of a bearish spread keeps the possibility of a bullish reversal standing strong. 

Looking at the technical indicators, the RSI slope surpasses the 14-day SMA after a fast parabolic reversal, ending the downtrend phase. However, it shows a diagonal bullish trend struggling to surpass the halfway line. 

The K and D lines actively avoid a bearish crossover to continue the uptrend and reach the overbought zone. Thus, it reflects a solid bullish cycle in motion.

In short, the XMR technical analysis portrays a high possibility of the resistance trendline breakout.

Upcoming Trend

If XMR prices break above the resistance trendline, an upside rally to the $200 seems inevitable with an increased breakout possibility of reaching the $225 mark.

However, if traders see a reversal below the $160, it could increase the fallout likelihood and result in an inevitable fall to $140.

Support Levels: $160 and $150

Resistance Levels: $200 and $225

Updated Article: XMR Technical Analysis: Sellers At $200 Under Extreme Stress