Selling pressure initially broke the floorXMR has seen a sharp decline in price over the past few weeks. Selling pressure initially broke the floor of the short-term ascending channel, and the price fell to the support range of $150-157.
With the accurate reaction to this support range and the increase in demand that was created last day, we see a return to the minor resistance level in the range of $167-169. There is potential for Monero to continue to range during this week and next week.
The trend is still in the range in the daily timeframe, and in the 4-hour timeframe, that is, for the medium term, the trend is downward, and until we have a return above the $170 resistance, this trend will not be upward.
With the upward trend, we can expect the price growth to continue up to the resistance of the $190 and $200 range. In the bearish scenario, if we have selling pressure, the second valid support level is considered in the range of $133-141, from which we can also expect a positive reaction.