Short
XMR Monero could slide to $1.40
$BINANCE:XMRUSDT
Monero (XMR) has turned down from the neckline of the developing inverse head and shoulders pattern. However, the sharp recovery from lower levels indicates that aggressive buying on dips is happening. Buyers have pushed the price back above the 20-day EMA (
157), and they will try again to challenge the neckline. If this level is scaled, it will complete the bullish setup, clearing the path for a potential rise to 
185 and then to the pattern target of $199.
On the other hand, if the price turns down from the current level or the neckline, it will signal that bears are selling on rallies. A break and close below
149 will signal that bears have seized control, and the XMR/USDT pair may then drop to 
145 and later to $140.
Let me know what you think!
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Monero (XMR) has turned down from the neckline of the developing inverse head and shoulders pattern. However, the sharp recovery from lower levels indicates that aggressive buying on dips is happening. Buyers have pushed the price back above the 20-day EMA (
157), and they will try again to challenge the neckline. If this level is scaled, it will complete the bullish setup, clearing the path for a potential rise to 185 and then to the pattern target of $199.On the other hand, if the price turns down from the current level or the neckline, it will signal that bears are selling on rallies. A break and close below
149 will signal that bears have seized control, and the XMR/USDT pair may then drop to 145 and later to $140.Let me know what you think!
Follow me for more TA!
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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.