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Technical Analysis for XMRUSD for 18th April 2023

Monero Bulls Fail to Break $165, Sellers in Control

Past Performance of XMR

Monero bulls are struggling at spot rates. Even with the broader market expanding, XMR remains pinned in a bear formation. Presently, resistance is at $165, and the coin remains in a bearish shape defined by the bears of early February to mid-March 2023. As it is, support lies at the middle BB, that is, the 20-day moving average, and around $158.

Monero Technical Analysis

Although volumes are low, BTC buyers are resilient, rejecting the bears of April 12, looking at the performance in the daily chart. Besides, prices are firm above $30k as bars align along the upper BB. This may suggest that the underlying momentum is high and may prop buyers aiming for even more gains in the days ahead. Notice that the BTC upward structure is still valid. Presently, prices are above the rising channel and primary support at around $29.3k. At this pace, buyers should target $32k in subsequent sessions as the bulls of Q1 2023 flow back.

What to Expect from XMR

Unless there is a sharp, high volume break above $165, reversing March 27 losses, sellers will be in control. They will be aligning with sellers in February 2023. Currently, immediate support lines are at $158 and $150, respectively.

Resistance level to watch: $165

Support level to watch: $158, $150

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

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