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Technical Analysis for XMRUSD for 18th November 2022

Monero Rally 15%, XMR Liquidation Level at $140



Past Performance of XMR

Monero plunged 32 percent from H2 2022 highs. However, losses were temporary as prices bounced to spot rates, looking at the performance in the daily chart. Technically, buyers have a chance from a top-down analysis. Notably, XMR has support at around $115, coinciding with the 78.6 percent Fibonacci retracement level of the H2 2022 range.


Monero Technical Analysis

Monero is within a bear breakout formation. Currently, XMR is within the November 9 bear candlestick but is relatively higher, gaining 15 percent from last week's lows. Aggressive traders may aim to fade the trend as long as prices are above $115. Ideal entries for buyers to double down would be available once buyers push above $140, preferably with rising volumes. If not, conservative traders would look for shorts once prices drop below $115 and the current bear flag with equally high volumes, confirming losses of November 9. In that case, XMR may shrink to $100.


What to Expect from XMR

The coin is weighed by fundamental factors. Therefore, recovery is subject to the overall market conditions. Any surge above $140 nullifies the present preview, allowing bulls to blossom to H2 2022 highs.


Resistance level to watch: $140

Support level to watch: $115


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

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