XMR Technical Analysis: The Market Requires Local Correction

https://www.tradingview.com/x/ROyp0yrB/

The XMR Price Is Strangely Moving in the Growth Channel

An interesting feature of the XMR price movement is that market participants do not like to linger long near the upper and lower trend lines of the growth channel. Most of the time, the XMR coin price spends near the middle line of the channel. It is at peak critical moments in the market that the price tests the channel's trend lines, after which it immediately changes its direction.

Therefore, if we want to buy or sell XMR as profitably as possible — you should be ready for it in advance and make a decision very quickly. The last moment of the XMR market fall took place in May 2021, as a result of which sellers were able to test the mark of $122. After falling by more than 70%, the XMR market began its recovery. It is important to note the fact that the successful price stop at the mark of $122 became possible due to the active slowdown of the fall by buyers near the mark of $180:

Technical Analysis of XMR on a Daily Timeframe

https://www.tradingview.com/x/nUtQRYmc/

As we see in the daily timeframe, the mark of $180 played a key role in completing the powerful fall wave and the emergence of a local growth trend.

All daily candles were closed above this mark, leaving only large pins down in the form of false breakdowns. At the moment, the local growth trend of buyers has met resistance on the way to winning the mark of $280. This mark did not allow buyers in June to continue the price rebound after the fatal drain of the crypto market.

There is large liquidity of sellers concentrated in the range of $280. Given the average trading volumes with which buyers are trying to take control of this mark, there is a high possibility that the price will fall down to $210-$224. It is in this mark that it will become clear whether buyers have the strength to continue to grow. The successful behavior of buyers in this range will continue the XMR coin price growth to $350. Otherwise, buyers will again have to defend the critical level of $180.