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Vikram
May 28, 2022
by Vikram

XMR Technical Analysis: Rejection At $200 Demands Trendline Retest 

XMR
XMR price chart shows a bearish rejection at $200 resulting in a retracement to retest the broken trendline. Will the retracement halt at $150?

Key technical points:

  • XMR market value decreased by 2.73% in the last 24 hours.

  • The falling channel warns of the fallout of $175.

  • The 24-hour trading volume of Monero is $169 Million, indicating a fall of 24.65%.

    • Past Performance of XMR

    XMR prices take a sharp bearish turnaround at the end of April, resulting in a downfall of 50%, dropping the market value to $140. However, the bullish reversal immediately recovered the 5% of the failure to reach the $200 mark. Nonetheless, the bears overtook the trend control resulting in a 12% fall to retest the $175.

    TradingView Chart

    XMR Technical Analysis 

    The bearish trend starting after the rejection at $200 warns of a downfall close to $150 as the reversal aims to retest the broken resistance trendline. Moreover, the support from the rising trend in the intraday volume adds points to the bearish ideology.

    Coming to the technical indicators, a bearish retracement can be seen in all the indicators displaying a bearish takeover. The MACD indicator showcases a high bearish crossover probability as the bullish trend of histograms weakens. The RSI and stochastic RSI shows a bearish trend back in action and warns of the fallout of $175.

    Therefore, the indicators are highly bearish and signal a selling phase in the XMR price chart.

    Upcoming Trend

    Suppose the sellers continue to pressurize the XMR market value; we may shortly see a downfall under the $175 support level. This will lower the XMR price to the next support level at $150. And, in the unlikely event of a bullish reversal, the upside rally could break the resistance trendline and reach the $200 mark.

    Resistance Levels: $200 and $225

    Support Levels: $175 and $150

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    XMR Technical Analysis: Rejection At $200 Demands Trendline Retest 
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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