Technical Analysis for XMRUSD for 19th January 2022
Monero Retracts from a Key Fibonacci Level, XMR Could Retest $180
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
Resistance level to watch: $240
Support level to watch: $180
Disclaimer: Opinions expressed are not investment advice. Do your research.
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