XMR Technical Analysis: Will XMR Sellers Break The $137 Mark?

The XMR price action displays an increase in selling pressure resulting in a new bottom formation below the $142 mark. Moreover, the restarting falling trend in the crucial daily EMAs teases a breakdown below the $140 mark. So, should you consider taking a bearish trade?

Key Points:

Source-Tradingview

XMR Technical Analysis

The XMR price action maintained a lateral trend in the daily chart above the $142 level, which came as a surprise support level. However, the recent increase in selling pressure breaks the support level and challenges the bullish dominance at $137. 

During the recent bear cycle, the 15% drop in market value comes with a spike in trading volume supporting selling ideas. And with the falling trend restarting in the 50 and 100-day EMA due to the recent prolonged bear cycle, the underlying bearishness intensifies. 

Currently, at $140, the XMR prices may drop below the $137 support level if the selling pressure increases. And the breakout of $137 will signal a bearish entry spot for sideline traders.

If the selling pressure persists, the downtrend can lead to the $137 breakout (entry point), leading to a bearish trend of 23% to the $105 support level.

However, if the XMR prices sustain above the $140 mark, a reversal to $154 is possible if it reclaims dominance over $142.

Technical Indicator

The bearish trend in the RSI slope reflects an increase in bearish influence over the XMR coin. Moreover, the increasing gap between the declining MACD and signal lines indicates sustained selling activity in the market. 

Therefore, the technical indicators support the bearish side of price action analysis. However, the XMR sellers must await the $140 breakout.   

Resistance levels- $142 and $154

Support levels- $140 and $105