Technical Analysis for XMRUSD for 14th January 2022
Monero's Sentiment Bullish, XMR could fly to $250
According to InvestorsObserver, Monero has a very bullish sentiment score based on price performance in the past week.
Past Performance of XMR
Monero is one of the top performers, adding an impressive 25 percent this week. From the daily chart, the XMR price is stretching gains versus the USDT, reversing losses of early January as bulls press the buying pedal. With shifting sentiment supporting buyers, XMR may add to their longs in the days ahead.
Monero Technical Analysis
The XMR price is back above the middle BB with rising trading volumes as per the development in the daily chart. The 25 percent surge from $175 has decent participation as a double bottom prints out. If buyers take control, adding their longs in line with the rapid expansion of January 13, the XMRUSDT chart might print a W-formation. In that case, Monero prices may rise to clear December 2021 highs of $250.
What to Expect of XMR
After losses from late August saw sellers reverse gains printed in H2 2021, Monero bulls are rejuvenated. The spring from $175 may be the base for a deserved spring back to $250 and later Q4 2021 highs of $300 in a buy trend resumption formation.
Resistance level to watch: $250
Support level to watch: $175
Disclaimer: Opinions expressed are not investment advice. Do your research.
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