Technical Analysis for XMRUSD for 10th February 2023
Monero Slips 20% from January Highs, XMR Bears Target $140
Past Performance of XMR
After encouraging gains from November 2022, Monero is retracing, finding resistance at around the $170 to $190 zone. It is currently down roughly 20 percent from recent highs. As it is, every high is an unloading opportunity for aggressive traders expecting deeper corrections. Because the drawdown is with rising volume, indicating participation, traders can ride the bear trend with targets at immediate support levels.
Monero Technical Analysis
From a top-down preview, buyers have a chance to resume the uptrend. However, the failure of bulls to press higher and overcome resistance at $190 hinted at weakness. The follow-through of the bear candlestick of January 30 swung price action to favor sellers. With prices below the middle BB and yesterday's bar being wide-ranging and bearish, XMR may post more losses. As it is, XMR could drop to as low as $140, the 61.8 percent Fibonacci retracement level of the December to February trade range.
What to Expect from XMR
Bears are in the driving seat unless there is a bullish bar signaling bulls. Yesterday's bar was bearish and aligned with the lower BB indicating strong bearish pressure. Traders may look to sell, targeting $140 or lower in the days ahead.
Resistance level to watch: $170
Support level to watch: $140
Disclaimer: Opinions expressed are not investment advice. Do your research.
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