Technical Analysis for XMRUSD for 3rd December 2021
Monero Buyers Drowned by Bears, XMR Capped below $250
Past Performance of XMR
Monero might be the most valuable privacy coin. Right now, XMR buyers are having a hard time coping with bears.
In a momentum-sapping consolidation, XMR prices are boxed inside the wide-ranging bear candlestick of November 16.
From the XMR technical analysis of the daily chart, sellers have the upper hand. Notably, the coin is within a bear breakout pattern, trailing the resurgent USDT.
What to Expect of XMR
There has been no convincing confirmation of the November 16 bear bar. As such, XMR bulls might still have a chance.
Further assuaging fears of more losses is the sideways movement and series of higher highs relative to the lower BB.
Technically, this points to strength.
All the same, there must be a sharp bullish breakout above $250 to confirm the bullish revival, subsequently shifting the trend to favor bulls.
Monero Technical Analysis
Amid this week's recovery and contraction, Monero's price action is surprisingly flat.
Sellers have the upper hand as long as XMR is trending below $250 and inside the November 16 high volume bear candlestick.
From an Effort-versus-Results perspective, the pendulum will swing for Monero buyers if there is a sharp close above $250 and ideally $270, unwinding losses of mid-November.
In that case, Monero could recover, springing to $300 in a buy trend resumption pattern.
If not, and XMRUSDT drops below the current consolidation at around $220, the coin may retest Q3 2021 lows of $180.
Resistance level to watch: $270
Support level to watch: $220
Disclaimer: Opinions expressed are not investment advice. Do your research.
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