#Monero Flatlining and Bearish, will Bulls hold above $140?
Past Performance of Monero
XMR is stable in the past 24 hours and week of trading. The Monero candlestick arrangement in the daily chart points to fizzling downside momentum and resilience of buyers, a net positive for bulls. Nonetheless, despite the horizontal movement of prices since August 19, the coin is within a bear breakout formation, and the probability of prices swinging back to bearish remains high.
#Monero Technical Analysis
From the daily chart, Monero prices are stable and buyers firm. However, prices are within the August 19 bear candlestick, reaffirming the presence of sellers from an effort versus result perspective. Therefore, in the immediate term, and since prices are in range mode within a $20 zone with caps at $140 and $160, traders may search for liquidating opportunities below August 19 highs at $160. On a safer approach, traders can wait for a clean break below $140 to trade with the trend in affirming losses of August 19 with targets at $125, the 61.8 percent Fibonacci retracement level of the June to August 2022 trade range. Any expansion above $160 with rising participation levels will cancel this bearish preview, allowing another alignment in price action towards $200.
What to Expect from #XMR?
Monero is down roughly 10 percent from August 2022 highs and within a $20 range. Bears remain in charge, and any dip below $140 will confirm losses of August 19 in a bear breakout formation.
Resistance level to watch out for: $160
Support level to watch out for: $140
Disclaimer: Opinions expressed are not investment advice. Do your research.
XMR is stable in the past 24 hours and week of trading. The Monero candlestick arrangement in the daily chart points to fizzling downside momentum and resilience of buyers, a net positive for bulls. Nonetheless, despite the horizontal movement of prices since August 19, the coin is within a bear breakout formation, and the probability of prices swinging back to bearish remains high.
#Monero Technical Analysis
From the daily chart, Monero prices are stable and buyers firm. However, prices are within the August 19 bear candlestick, reaffirming the presence of sellers from an effort versus result perspective. Therefore, in the immediate term, and since prices are in range mode within a $20 zone with caps at $140 and $160, traders may search for liquidating opportunities below August 19 highs at $160. On a safer approach, traders can wait for a clean break below $140 to trade with the trend in affirming losses of August 19 with targets at $125, the 61.8 percent Fibonacci retracement level of the June to August 2022 trade range. Any expansion above $160 with rising participation levels will cancel this bearish preview, allowing another alignment in price action towards $200.
What to Expect from #XMR?
Monero is down roughly 10 percent from August 2022 highs and within a $20 range. Bears remain in charge, and any dip below $140 will confirm losses of August 19 in a bear breakout formation.
Resistance level to watch out for: $160
Support level to watch out for: $140
Disclaimer: Opinions expressed are not investment advice. Do your research.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.