Technical Analysis for XMRUSD for 15th March 2022
Monero in a Bullish Breakout Pattern, Surges 14% Week-to-Date
Past Performance of XMR
Monero prices may be stable in the last trading day but up 14 percent in the previous trading week, gaining versus the USDT. Notably, XMR is within a bullish breakout pattern, and XMRUSDT prices are still defined inside the March 8 bullish engulfing bar.
Monero Technical Analysis
The XMRUSDT price is within a bullish breakout pattern, as visible in the daily chart. Since prices are still within the March 8 breakout bar, every low above $155 could offer entries for aggressive traders targeting January 2022 highs of $250. Conversely, suppose XMR prices slip below $150 with equally high trading volumes. In that case, the coin may sink to $145 in a bear trend continuation pattern.
What to Expect of XMR
The short-term trend is set for Monero following the spike on March 8 above $190. Unless there is an unexpected sell-off below $155, buyers have the upper hand per the candlestick arrangement in the daily chart.
Resistance level to watch: $250
Support level to watch: $155
Disclaimer: Opinions expressed are not investment advice. Do your research.
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