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Peter Oleshchuk
Mar 14, 2022
by Peter Oleshchuk

XMR Technical Analysis: The First Signs Of Buyers' Rebellion

XMR

Table of contents

  1. Technical Analysis Of XMR On The Daily Timeframe
  2. Price XMRBTC - The Range Of 0.004 Withstood
If it is old, it does not mean that it is not relevant. These words were clearly confirmed by the XMR cryptocurrency during the trading week of 7 March. While most cryptocurrencies are consolidating in narrow ranges, XMR has organized a price shot by 70% for the week. Sellers managed to take the situation under temporary control and kept the critical range of $180. However, after the closing of the weekly candle on 7 March, we will not see an active counterattack by sellers, as is the case after a powerful false break in the big timeframe. Instead, we see a new attempt by buyers to squeeze in and take control of the $180 mark.

XMR

The XMR price growth stop at around $283 clearly showed where the main resistance from sellers is. Given the dynamics of the cryptocurrency market, the high probability of USDT dominance fall, and the anonymity of the XMR cryptocurrency - the probability of re-testing the mark of $283 is the highest. However, for such a positive scenario, buyers need to take control of the $180 mark during the week of 14 March. Closing the current weekly candle below this mark will indicate the weakness of buyers and the beginning of the XMR price fall to $145 to begin with.

Technical Analysis Of XMR On The Daily Timeframe

TradingView Chart

And now we would like to look in detail at the breakdown of the $180 range in the daily timeframe. Note that the increased trading volumes were not only at the time of the breakdown of a critical point. Increased trading volumes in the XMR market are still there. At first, it was possible to assume that buyers managed to catch the stop of the seller's orders. For this reason, the price grew aggressively.

However, now buyers show the importance of their current growth trend of 24 February. Pay attention to the daily candle from 9 March. Trading volumes during the day were even higher than during the breakdown of the critical mark of $180 up. But, the daily candle from 9 March does not look dangerous. Sellers used a lot of resources during the 3-day trading on 9 March to lower the XMR price. Though, the result does not make XMR investors panic.

At the moment, buyers have stopped the local price fall and formed a consolidation with the continuation of the growth wave. The critical point for changing the baseline scenario - growing to $283 is a breakdown of the $170 mark. In this case, the initiative of buyers will be broken.

Price XMRBTC - The Range Of 0.004 Withstood

TradingView Chart

The positive mood of XMR investors is also added by the movement of XMRBTC prices. In the weekly timeframe, we see that buyers maintained the main liquidity range of 0.004, which was the main support for the price from January 2021. The XMRBTC price broke the global trend line of sellers, which terrorized volatility from May 2021. This meansto take control of the mark of 0.009. This is the main problem for the XMRBTC price to form a reliable and medium-term growth trend.

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XMR Technical Analysis: The First Signs Of Buyers' Rebellion
Peter Oleshchuk
Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.

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