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The bullish reversal from the $130 mark struggles to surpass the $200 barrier and warns of a fall in XMR market value to $150.
Key technical points:
The XMR prices show a slight recovery of 1.66% over the past 24 hours.The breakout failure cracks the market value under the support trendline.The 24-hour trading volume of Monero is $95.51 Million, indicating a fall of 25%.
Past Performance of XMR
XMR prices showcased a V-shaped reversal from the $130 resulting in a 50% price jump to $200 but failed to surpass it, resulting in the crackdown of the support trendline. However, the lower price rejection keeps the price trend trapped in a lateral shift. The falling trend in the intraday trading volume fuels the indecisive trend, and a surge will spike the price significantly.
Source- Tradingview
XMR Technical Analysis
XMR buyers showcase a retracement rally taking support at the $177 mark and avoiding a bearish downfall as the lower price rejection helps the price float. However, a price action confirmation will signal an entry opportunity as the trapped momentum unleashes. The crucial daily EMAs – 50, 100, and 200-days maintain a bearish alignment, signaling the long-term correction phase. Moreover, the EMAs maintain a high supply pressure area above the consolidation range.
The MACD and signal lines showcase a bullish rally failing to sustain the uptrend as they merge and warn of a bearish crossover. Moreover, the falling trend of the bullish histograms may shortly start a bearish trend. Furthermore, the RSI indicator shows a diagonal trend with increasing bearishness as it creeps under the halfway line. Hence, the technical indicator shows a weakness in the underlying bullishness as the buying pressure falls. In a nutshell, the XMR technical analysis displays a consolidation range with increasing bearish influence.
Upcoming Trend
If sellers manage to crack under the $177 support level, a downfall to the psychological mark of $150 seems inevitable. However, a bullish breakout of the 200-day EMA and the $200 mark will result in a price jump to $225.
Resistance Levels: $200 and $225
Support Levels: $177 and $150
