XMR Technical Analysis: Wild Buying Spree Aims $250 Breakout

Key technical points:

Past Performance of XMR

XMR coin price action displays a remarkable reversal rally in the daily chart starting from the $145 mark and forms a support trendline. The uptrend breaks above the $225 mark thanks to the solid ascending trendline providing multiple reversal spots. Hence, the newly started uptrend promises a breakout of $250. 

Source-Tradingview

XMR Technical Analysis 

XMR coin price shows a resistance trendline breakout as the uptrend grows and crashes multiple resistances. Moreover, the lower price rejection evident by the long tail formations near the support trendline reflects solid underlying bullishness. 

The crucial daily EMAs (50, 100, and 200-days) promote bullish reversal resulting in the 50-day EMA on the verge of outperforming the 100-day EMA. Moreover, the recent post-retest reversal from the 200-day EMA enables bullish continuation.

RSI Indicator: The RSI slope shows a bullish trend in continuation in the nearly overbought zone with the support of the 14-day average line. However, a weak bearish divergence indicates the possibility of trendline fallout and consolidation near $225.

MACD Indicator: The MACD and signal lines project little to no bullish spread and struggle to avoid a bearish crossover. However, the resurging bullish histograms promote uptrend continuation in the daily chart.

The XMR technical analysis showcases the solid support trendline maintaining the uptrend and bringing buying opportunities at dips.

Upcoming Trend 

XMR coin price has reverted successfully from the support trendline in the past month, projecting excellent buying spots at the trendline. Moreover, the $225 breakout increases the bullish attention and the chances of an uptrend approaching the $250 mark.

Support Levels: $215 and $200

Resistance Levels: $240 and $250