Technical Analysis for XMRUSD for 10th May 2022
Monero Dumps 10% below the Psychological Round Number at $200
Past Performance of XMR
The XMR price, more like the state of the crypto market across the board, hasn't been spared the whims of sellers. The coin is down a massive 10 percent against the USDT in the past 24 hours alone. Notably, after a period of sideways movement above $200, Monero prices crashed below the round number, confirming the bear breakout formation of April 26.
Monero Technical Analysis
The Monero price is within a bear breakout formation below $200 and the middle BB. Considering the sharp dump on May 10, the path of least resistance is clear. Traders can find unloading opportunities for every retracement or attempt to retest $200. It is more so if the pullbacks have comparatively low trading volumes and trade bars short in range. Aligning with the effort versus result perspective, the current candlestick arrangement favors sellers who may target $165. This reaction level flashes with the 78.6 percent Fibonacci retracement line of the Q1 2022 trade range.
What to Expect from XMR
The dip below $200 is rapid and with relatively high trading volumes. This movement confirms that the sideway movement of last week was a distribution. In the days ahead, XMR may dump to new Q2 2022 lows.
Resistance level to watch: $200
Support level to watch: $165
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