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Technical Analysis for XMRUSD for 19th January 2022

Monero Retracts from a Key Fibonacci Level, XMR Could Retest $180

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Past Performance of XMR

The XMR price is under pressure, as per the development in the daily chart. Even though a double-bottom had formed, prices found resistance at around the 50 percent Fibonacci retracement level of the H2 2021 trade range.

Monero Technical Analysis

The XMR prices are within the H2 2021 trade range—which is bullish. Nonetheless, the rejection from the 50 percent Fibonacci retracement level pours cold water on the uptrend's prospects, slowing down determined sellers. 

As the crypto and Bitcoin markets correct, XMR prices might post more losses, confirming January 18 losses. Given the wide-ranging bar of January 19, Monero sellers may trade with the trend, targeting $180—December 2021 and January 2022 support. An unexpected price expansion above $240—and last week's high—cancels the bear outlook to favor buyers.

What to Expect of XMR

XMR remains in range mode, aligning with the sell-off of Q4 2021. Although buyers are bullish, the bear trend is defined due to the inability of bulls to tame bears and break above $240. Confirmation of January 18 losses may accelerate the drop towards $180.

Resistance level to watch: $240

Support level to watch: $180

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

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