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XMR Technical Analysis: Double Bottom Reversal Plans A Jump To $150

Analytics

cryptoknowmics.com 05 July 2022 22:29, UTC
  
Reading time: ~2 m

XMR price shows an increase in buying pressure leading to a double bottom formation which teaches a price jump to the $150 mark upon breakout.

Key technical points: 

  •  XMR traders witness high demand pressure near the $105-$100 mark
  • The 100-and-200-day SMA are nearing a bearish crossover
  • The 24-hour trading volume of Monero is $90 Million, indicating a rise of 18.85%.  

Past Performance of XMR

The drastic 50% drop in the market value of Monero token prices in the early days of June brought the XMR prices to the psychological mark of $100. However, the buyers quickly cushioned the downfall with a lateral shift in price trend within the consolidation range between $137 and $100. Additionally, the growing bullish influence on the consolidation range teases a double bottom pattern, teasing a price jump to the $150 mark. TradingView Chart Source- Tradingview

XMR Technical Analysis 

The XMR price action shows a double bottom pattern at the $100 mark and the neckline at $137. Hence, the recent bullish reversal surpassing the neckline will signal a buying spot for the intraday traders with the target at the following 50-day average line. The MACD indicator shows a gradual rise in fast and slow, indicating sustained buying pressure from traders. A crossover of these slopes above the neutral line would bolster the $137 breakout. The RSI indicator showcases a rise in the underlying bullishness as the slope surpasses the 14-day average line after exiting the oversold zone. Hence, the indicator supports the idea of a bullish breakout double bottom pattern. Hence the technical indicators showcase an improvement in the underline sentiments, which increases the likelihood of a bull run shortly. In a nutshell, the XMR technical analysis forecasts a double-bottom breakout rally propelling the market price dramatically.

Upcoming Trend

If the recent bullish reversal propels the market prices above the $137 mark, XMR prices will skyrocket to the $150 mark. However, a bullish failure will lead to a negative retracement to retest the psychological mark of $100. Resistance Levels: $1.08 and $1.50 Support Levels: $0.84 and $0.55


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