XMR Technical Analysis: Sellers At $200 Under Extreme Stress
Table of contents
Past Performance of XMR
On the 22nd of April, the XMR buyers fell off the bullish wagon resulting in a sudden downfall breaking under $200. Under the resistance trendline influence, the downtrend continued below the psychological mark, but the buyers restarted the recovery at $137. The reversal started with a morning star at $137, breached the resistance trendline, and now hopes to reclaim the $200 mark.
Source-Tradingview
XMR Technical Analysis
The XMR buyers attempt to break above the $200 threshold, but the higher price rejection showcases an attack from the seller's side. Moreover, the EMAs maintain a bearish cluster close to $200, increasing the number of bearish hurdles.
Even the fall in trading volume during the bullish siege cuts points of breakout possibility and warns of another retest to $177.
Coming to the technical indicators, the Vortex indicator shows a trend reversal crossover with a significant bullish spread reflecting the solid buying pressure. Furthermore, the ADX indicator shows the DI lines ready to merge and regain the bullish alignment.
The falling ADX line reflects a weakness in the bearish momentum, and a reversal is possible with the new crossover. Hence, the technical indicators are either bullish or starting to turn bullish, which increases the chances of a breakout.
In short, the XMR technical analysis projects a high possibility of a $200 breakout.
Upcoming Trend
With the expected mental barrier breakout, an XMR buying opportunity will arise as the market value could hike 12% to $225. However, a sideways shift is possible if sellers project an attempt to hold off the breakout rally.
Support Levels: $175 and $150
Resistance Levels: $200 and $225