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Technical Analysis for XMRUSD for 11th January 2023

Monero Soars 40% in 2 Months, XMR May Reclaim $170

Past Performance of XMR

The march higher has been impressive for Monero. At spot rates, XMR buyers have reversed losses of early November and look to spring to above Q4 2022 highs. XMR is now up 40 percent in two months as the coin aims to shake off bears of the better of 2022.

Monero Technical Analysis

Monero was overly bullish in H2 2022. Based on the development in the daily chart, the coin found support from the 78.6 percent Fibonacci retracement level of the H2 2022 trade range. The recovery from November lows is a positive move. As XMR tracks higher, aligning with the upper BB, traders can look to double down on dips above $150. This line flashes with December highs, and the current formation, a bullish breakout. The immediate target will be the H2 2022 high at $170.

What to Expect from XMR

XMR is solid, outperforming the USD. After initial scares of early November, Monero buyers are soaking in all bearish pressures and galloping higher. At this pace, XMR may retest H2 2022 highs if the coin is above $150 or December 2022 highs.

Resistance level to watch: $170

Support level to watch: $150

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

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