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Peter Oleshchuk
Apr 6, 2022
by Peter Oleshchuk

XMR Technical Analysis: The Growth Wave Is Incomplete

XMR

Table of contents

  1. Technical Analysis Of XMR On The Daily Timeframe
  2. The XMRBTC Price Is Ready To Continue To Grow
Quiet peaceful trail, sometimes much better than a steep bridge over a stormy river. This is probably the opinion of XMR buyers, shaping the local growth trend. However, is this really good, given the current situation in the cryptocurrency market? During the trading month on the XMR market, the price rose by 23%. Quite passive growth, given its dynamics during the weekly candle of 7 March. Interestingly, with each passing XMR trading week, the trading volumes are declining. However, even under such conditions, buyers manage to push the price up to the target of $280. In the last two trading weeks, buyers have had problems near the local mark of $220. As we can see in the chart, the price for 2 weeks is at the gates of this mark. Stopping the price near the local mark signals to us the weakness of buyers and lack of strength to continue growth without correction.

Therefore, in the event of an unsuccessful attempt to break the $220 mark during the trading week of 4 April, we will expect a local price reduction. The main target for maintaining growth dynamics is $190. Buyers have repeatedly kept the price near this mark since June 2021. In the case of the beginning of the local correction, it is best to buy low-risk XMR near the $190 mark. However, it is not a fact that such a correction will take place, and that is why.

Technical Analysis Of XMR On The Daily Timeframe

XMR

Analyzing the XMR price movement on the daily timeframe, you can see the failed attempt of sellers to break the local growth trend. On 6 April, sellers broke the trend line down, but could not stay below it. The price is approaching the $220 mark, which most likely means preparing to break the markup. Thus, if the daily candle of 6 April closes above the $218 mark, we will expect a new growth impulse with the start of the new day. Closing an XMR daily candle below $218 will increase your chances of starting a deep cryptocurrency correction. However, even in this case, sellers first need to take control of the $209 mark. Buyers have been keeping this mark since 31 March and expect it to start a new growth impulse.

The XMRBTC Price Is Ready To Continue To Grow

XMR

The final point in determining the probability of future medium-term XMR price movements is the weekly XMRBTC price chart. The chart clearly shows that after stopping the weekly candle on 7 March, sellers were unable to organize a counterattack for 2 weeks. After a slight rollback of the price to the range of 0.00457, buyers easily took the initiative again.

Therefore, the main scenario is continued growth with a 30% outlook and a test of 0.0064. This range will help determine the true strength of buyers and will make it clear whether there is a global prospect of the continued growth of the XMR cryptocurrency.

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XMR Technical Analysis: The Growth Wave Is Incomplete
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.