Technical Analysis for XMRUSD for 8th November 2021
Monero in Range Inside a $50 Zone, XMR Bulls Capped at $300
Past Performance of XMR
Relative to the greenback, XMR is firm, though oscillating within a $50 range with caps at $250 and $300 as per CryptoAltum price feeds.
From the XMR/USDT price performance in the daily chart, buyers appear to be in control and may print higher highs, building on the weekend's gains.
What to Expect of XMR
The rising tide of the crypto and altcoin markets is lifting Monero.
After a brief retest of the primary support at $250, rejection of lower lows over the weekend may form a base for further gains in the short term.
Still, XMR/USDT prices are bound by the October 27 bear candlestick, which places bears back in the equation.
In the short term, a close above $280 would cancel the seller threat, possibly even pumping prices above $300.
Monero Technical Analysis
The XMR/USDT is in range within a defined $50 zone, as mentioned earlier.
From an effort-versus-results perspective, buyers need to shake off selling pressure by closing above $280 and October 27 highs.
In that case, XMR bulls may flow back, driving prices towards $300, the immediate target.
A close above this multi-week liquidation line would instead see XMR float to H2 2021 highs of around $340 in the resumption of the buying pressure.
Conversely, a reversal of recent gains and breach of $250 may trigger a sell-off, confirming losses of late October. Consequently, XMR prices may dump to September 2021 lows of $215.
Resistance level to watch: $280
Support level to watch: $250
Disclaimer: Opinions expressed are not investment advice. Do your research.
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