Technical Analysis for XMRUSD for 4th November 2022
Monero Edges Higher above $152 in a Buy Trend Continuation Formation
Past Performance of XMR
Monero Technical Analysis
Monero is within a bullish formation. However, recent trading volumes have been lighter, and there was a bearish engulfing bar with relatively high trading volumes hinting at weak bulls. Therefore, based on this formation, traders may search for unloading opportunities, especially if today's prices end lower, below the middle BB and $145. In that case, XMR may likely crash to $134 in line with the September 13 bearish engulfing bar. On a more positive outlook, the bullish breakout will be valid, and not a trap, if XMR reverses mid-this week losses, forcing prices above $152 and this week's high. In that likelihood, Monero may float to September highs at $165 in a buy trend continuation formation.
What to Expect from XMR
XMR is in a bullish formation. However, it can be a bull trap if prices retrace from spot rates to below the middle BB and $140, aligning with losses of November 2. Any surge above this week's highs would relieve buyers, injecting momentum and forcing XMR to new Q4 2022 highs.
Resistance level to watch: $152
Support level to watch: $145
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