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XMR Technical Analysis: Range Below 200-day SMA Warns Correction

Analytics

cryptoknowmics.com 27 July 2022 10:00, UTC
  
Reading time: ~2 m

The XMR price trend forms a rising channel pattern to challenge the sellers at $155, in hopes of a price jump to the $175 mark.

Key Technical Points:

  • The XMR prices jumped by 7.03% in the last 24 hours.
  • The consolidation range between $137 and $155 sustains between the 50 and 100-day EMAs.
  • The 24-hour trading volume of Monero is $162 million, indicating a rise of 35%.

Past Performance of XMR

As mentioned in our previous analysis, the XMR prices sustain the wedge breakout rally and are forming a rising channel pattern. However, the price struggles to get to $175 because of the supply pressure building up close to the resistance trendline of the channel. In the end, the prices recover from the support trendline but struggle to exceed $155. TradingView Chart Source - Tradingview

XMR Technical Analysis

The bull market resuming its upward momentum within the XMR price chart will face unfavorable selling pressure at the $155 horizontal mark. However, traders may discover a lucrative breakout entry point when the buyers can overcome the supply flow. The market value of the Monero token is well over the 50-day SMA that cushions bearish attacks. But the bullish breakout from the resistance trendline will confront the 100-day SMA, acting as a bearish threshold. The MACD and signal lines join after the bearish attack and then diverge again to return to the bearish alignment in case prices do not surpass $265. However, the RSI indicator remains in an upward trend, and the chart shows no indications of a divergence in the bear direction, which raises the likelihood of an eventual bull run. In simple words, the technical indicators have an optimistic outlook, which is reflected in the XMR technical analysis.

Upcoming Trend

The XMR market value is anticipated to increase by 12% following the $155 breakout, bringing it to that resistance level of $175. But, a reverse could result in the price dropping by 5% to take a rest at the support trendline close to $142. Resistance Levels: $155 and $175 Support Levels: $150 and $140


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