This website uses cookies to ensure you get the best experience on our website

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

Disclaimer: Opinions expressed are not investment advice. Do your research.

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020