Technical Analysis for XMRUSD for 14th December 2021
Monero Might Lose $180, Forcing the Coin to 2021 Lows
Past Performance of XMR
Like the broader crypto market, Monero is down, bleeding when writing.
Technically, the blast below $250 and September 2021 lows triggered a sell-off, pushing prices to spot rates.
With sellers dominant, the probability of Monero posting even more losses in subsequent sessions remains high reading from the XMRUSDT performance in the daily chart.
What to Expect of XMR
The drawdown of December 13 saw XMR dump eight percent, setting the pace for even more profound losses confirming the slump of early December.
As from the XMR candlestick arrangement, sellers are at the wheel as long as prices are below $250.
Notably, the momentum south is high since bars are aligning with the lower BB, diverging from the middle BB.
These are indicators of weakness that oppose the preview of optimistic Monero traders.
Monero Technical Analysis
As mentioned earlier, Monero is within a bear breakout pattern, dumping under the weight of sellers.
Overall, XMR is down roughly 40 percent from Q4 2021 and critically below $250.
Since the downtrend is with increasing trading volumes translating to momentum, aggressive Monero traders might unload on pullbacks targeting 2021 lows of around $120.
It is especially the case if $180 falls to hold sellers.
Resistance level to watch: $250
Support level to watch: $180
Disclaimer: Opinions expressed are not investment advice. Do your research.
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