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Technical Analysis for XMRUSD for 18th October 2021

Monero Trends Inside a Descending Channel, XMR Bulls Find Resistance at $280

Monero adoption continues; there are now more than 1k ATMs supporting XMR.

Past Performance of XMR

Monero buyers are struggling at the time of writing. 

Despite the rapid expansion of BTC, the privacy coin is printing lower lows versus the greenback, shedding three percent on the last trading day. 

Of note, XMR/USDT prices are down below the middle BB—a critical reaction line—moving within a $30 range.

What to Expect of XMR

Overall, Monero buyers stand a chance reading from the price action of CryptoAltum daily charts. 

However, for the uptrend to resume, $250 must offer support. 

If XMR sellers press lower, prices may slide back to $210—September 2021 lows. 

On the flip side, a close above last week’s highs and $280 may offer a reprieve for ambitious XMR traders.

Monero Technical Analysis

There are lower lows relative to the upper BB pointing to waning momentum. 

With XMR/USDT moving inside a descending channel as participation dries off, the reaction at last week's lows at around $250 would shape the short-term trend. 

A close below this mark, ideally with a surge in trading volumes, may spark a sell-off towards $210. 

On the flip side, the re-emergence of demand traced to late September may push XMR above $280 and October 2021 highs in a trend continuation pattern, potentially back to $320.

Resistance level to watch: $280

Support level to watch: $250

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

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