Past Performance of Monero
At spot rates, Monero prices flow in favor of sellers. The coin has more than halved from April highs, reading from the XMRUSDT price performance in the daily chart. Albeit expectation of XMR turning the corner in the sessions ahead, traders may liquidate on pullbacks below $155, or last week's highs, targeting immediate support levels marking September 2022 lows.
#Monero Technical Analysis
The daily chart shows Monero is bearish, and prices are in a descending channel. On the upper end, there are two critical resistance lines at $155 and $165 that buyers must break for the trend to shift. On the lower end, Monero has support at $135, flashing with September 2022 lows and the 50 percent Fibonacci retracement level of the June to August 2022 range. Considering the many points this support line flashes with, XMR prices must trend above it. If not, it may signal weakness, and bears can trade with the emerging trend in a bear breakout, targeting $110 in the medium term.
What to Expect from #XMR?
Monero is up 47 percent from June 2022 lows but is currently unable to contain bears, evident in the daily chart. For the uptrend to be sustained, XMR must hold above September 2022 lows—or, in the immediate term, reverse and surge above $155. In both cases, the first target will be $165 and August 2022 highs.
Resistance level to watch out for: $155
Support level to watch out for: $135
Disclaimer: Opinions expressed are not investment advice. Do your research.
At spot rates, Monero prices flow in favor of sellers. The coin has more than halved from April highs, reading from the XMRUSDT price performance in the daily chart. Albeit expectation of XMR turning the corner in the sessions ahead, traders may liquidate on pullbacks below $155, or last week's highs, targeting immediate support levels marking September 2022 lows.
#Monero Technical Analysis
The daily chart shows Monero is bearish, and prices are in a descending channel. On the upper end, there are two critical resistance lines at $155 and $165 that buyers must break for the trend to shift. On the lower end, Monero has support at $135, flashing with September 2022 lows and the 50 percent Fibonacci retracement level of the June to August 2022 range. Considering the many points this support line flashes with, XMR prices must trend above it. If not, it may signal weakness, and bears can trade with the emerging trend in a bear breakout, targeting $110 in the medium term.
What to Expect from #XMR?
Monero is up 47 percent from June 2022 lows but is currently unable to contain bears, evident in the daily chart. For the uptrend to be sustained, XMR must hold above September 2022 lows—or, in the immediate term, reverse and surge above $155. In both cases, the first target will be $165 and August 2022 highs.
Resistance level to watch out for: $155
Support level to watch out for: $135
Disclaimer: Opinions expressed are not investment advice. Do your research.
