Technical Analysis for XMRUSD for 19th August 2022
Monero Breaks from a $20 Range, XMR Bears Target $130
Past Performance of XMR
Monero prices are free falling when writing, crashing from below $155 and the middle BB. Based on the candlestick arrangement in the daily chart, the path of least resistance, at least in the short term, is bearish. It is a formation following strong gains from mid-June 2022 that saw XMR prices surge by roughly 80 percent.
Monero Technical Analysis
XMR prices broke from the $20 range between $175 and $155, respectively. The breakdown of earlier today follows the formation of lower lows relative to the upper BB, suggesting weakness. Therefore, with Monero prices crumbling, dropping nine percent in the last trading day alone in a bear breakout formation below the dynamic support level and $155, every low may present more liquidation opportunities for traders to target key support levels. As it is, any confirmation of today’s breakout may see XMR drop to $130 or $110, the 78.6 percent Fibonacci retracement level of the June to August 2022 trade range.
What to Expect from XMR
The cool-off in the broader crypto market is slowing down Monero. After impressive gains from mid-June through to mid-August, XMR prices are retracing.
Resistance level to watch: $155
Support level to watch: $130
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