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XMR prices struggle to rise above the $155 resistance level despite multiple bullish attempts, warning of a downtrend continuation. The increased selling pressure resulted in a price drop in the XMR prices cracking below the support trendline of the rising channel pattern. After that, however, the downtrend took a sideways shift resulting in consolidation with the overhead resistance of $155. Currently, the bullish attempt to break above the overhead resistance fails multiple times but reflects an improved market condition. So will one of these attempts result in a bullish breakout? Key Points:
- The XMR prices revert from the $155 mark.
- The Monero prices struggle to rise above the 50-day SMA.
- With a market cap of $2.76 Billion, the intraday trading volume of Monero has increased by 19% to reach $107 Million.
Source- TradingView
XMR Technical Analysis
The XMR price took support at the $140 mark after cracking below the support trendline and the 50-day SMA. The lateral trend between $140 and $155 results in a consolidation range in the daily chart. Currently, the price action displays multiple bullish attempts to rise above the resistance conference of the 50-day SMA and the $155 horizontal level. However, the recent spike in trading volumes supporting the bullish engulfing candle projects a possibility of a bullish breakout. A bullish breakout of the $155 mark will result in a price to the overhead assistance of $177. Conversely, a bearish reversal might prolong the consolidation range if the buyers hold dominance at the $140 mark. However, if the $140 support level breaks, a downtrend continuation to the $120 mark is possible.
Technical Indicators
The RSI slope maintains a lateral train near the halfway line above the 14-day SMA, reflecting a solid underlying bullishness. The MACD indicator displays a bullish crossover of the fast and slow lines, reflecting an increase in the buying pressure. Hence, the technical indicators support the possibility of a bullish breakout that may shoot the XMR prices to $177. Resistance Levels: $155 and $177 Support Levels: $140 and $120