Past Performance of Monero Monero bulls are struggling at spot rates. Even with the broader market expanding, XMR remains pinned in a bear formation. Presently, resistance is at HKEX:165, and the coin remains in a bearish shape defined by the bears of early February to mid-March 2023. As it is, support lies at the middle BB, that is, the 20-day moving average, and around $158.
#Monero Technical Analysis The path of least resistance from a top-down preview is southwards. Notably, sellers throughout February to mid-March capped the upside. Resistance is at HKEX:165, while support is $158. The middle BB also serves as a vital reaction line. However, the March 27 bear bar defines the current formation. Although prices floated higher, they couldn’t break HKEX:165 and reverse the losses of March 27. Therefore, conservative traders can watch how prices react at $150. Losses below this level may see XMR drop to HKEX:130 since sellers are in control from an effort versus result perspective.
What to Expect from #XMR? Unless there is a sharp, high volume break above HKEX:165, reversing March 27 losses, sellers will be in control. They will be aligning with sellers in February 2023. Currently, immediate support lines are at HKEX:158 and HKEX:150, respectively. Resistance level to watch out for: HKEX:165 Support levels to watch out for: HKEX:158, HKEX:150
Disclaimer: Opinions expressed are not investment advice. Do your research.