XMR Technical Analysis: Will Buyers Fail To Exit The Wedge? 

Key technical points: 

Past Performance of XMR

The XMR price action shows a long-coming downtrend in the daily chart, accounting for a falling wedge pattern and a 60% drop in market value. The downtrend started from the height of $275 to test the bottom support at the psychological mark of $100. However, the recent bull cycle from the $100 mark struggles to surpass the resistance trendline and the overhead resistance close to $130.

Source- Tradingview

XMR Technical Analysis 

The XMR price shows an overnight bullish reversal leading to a hammer candle formation that drives the market value up by 5%. However, the price action fails to form a morning star pattern and shows signs of struggle to surpass the resistance trend line and create a potential double top pattern. Additionally, the falling prices influence bearishness on the simple moving averages leading to a bearish crossover of the 100 and 200 days average lines.

The DMI indicator shows the DI lines ready for a bearish crossover as bullish momentum is falling, evident by the ADX line. Hence, the technical indicator takes a bearish standpoint and forecasts a potential retracement to the $100 mark. The Stochastic RSI indicator shows the K and D lines merging in the overbought territory and maintaining an overall sideways trend. However, the overbought nature warns of a potential bear cycle starting shortly.

In a nutshell, the XMR technical analysis maintains an overall bearish forecast teasing a potential reversal to the psychological support level at $100.

Upcoming Trend 

If the buyers can beat the resistance trendline, the increase in demand will skyrocket the XMR prices to the $150 mark. However, the much more likely possibility of a bearish continuation will test the $100 mark, acting as the neckline of the double top pattern.

Resistance Levels:  $137 and $150

Support Levels:$120 and $100