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Cryptoknowmics 2022-08-02 06:35:33

XMR Technical Analysis: Will Monero Prices Float Above $150?

The XMR price shows a bear cycle within the rising channel that retests the $150 mark. So, will buyers avoid a downfall below the crucial support? Key Technical Points: The XMR prices have gone up by 0.83% in the last 24 hours. The price action shows bearish opposition from the 100-day SMA. The 24-hour trading volume of Monero is $103 million, indicating a drop of 20%. Past Performance of XMR As warned in our previous analysis, the XMR prices break above the $155 support level horizontal level but fail to reach the $175 mark. The breakout rally fails to exceed the resistance trendline and the 100-day SMA resulting in a retracement to the $155 support level. Currently, the buyers avoid a downfall below the support level, but the increasing bearish opposition from the 100 SMA warns of a fallout. Source – Tradingview XMR Technical Analysis The XMR price chart shows the daily candle under the influence of selling pressure dropping the market value by 2%. However, the volume indicator shows a lack of bearish commitment, but traders should wait till the end of the day to see if the selling pressure grows. Despite the market price struggling near the 100-day SMA, influence over the 50-day SMA grows, resulting in a positive turnaround. Moreover, a bullish breakout of the opposing SMA will unleash the trapped bullish momentum resulting in a bull run to the $175 mark. The RSI slope showcases a sideways trend with increasing bearish infl...

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