XMR Technical Analysis: Range Below 200-day SMA Warns Correction
Table of contents
Key Technical Points:
Past Performance of XMR
As mentioned in our previous analysis, the XMR prices sustain the wedge breakout rally and are forming a rising channel pattern. However, the price struggles to get to $175 because of the supply pressure building up close to the resistance trendline of the channel. In the end, the prices recover from the support trendline but struggle to exceed $155.
Source - Tradingview
XMR Technical Analysis
The bull market resuming its upward momentum within the XMR price chart will face unfavorable selling pressure at the $155 horizontal mark. However, traders may discover a lucrative breakout entry point when the buyers can overcome the supply flow.
The market value of the Monero token is well over the 50-day SMA that cushions bearish attacks. But the bullish breakout from the resistance trendline will confront the 100-day SMA, acting as a bearish threshold.
The MACD and signal lines join after the bearish attack and then diverge again to return to the bearish alignment in case prices do not surpass $265. However, the RSI indicator remains in an upward trend, and the chart shows no indications of a divergence in the bear direction, which raises the likelihood of an eventual bull run.
In simple words, the technical indicators have an optimistic outlook, which is reflected in the XMR technical analysis.
Upcoming Trend
The XMR market value is anticipated to increase by 12% following the $155 breakout, bringing it to that resistance level of $175. But, a reverse could result in the price dropping by 5% to take a rest at the support trendline close to $142.
Resistance Levels: $155 and $175
Support Levels: $150 and $140