Technical Analysis for XMRUSD for 10th February 2023
Monero Slips 20% from January Highs, XMR Bears Target $140
Past Performance of XMR
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
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