Technical Analysis for XMRUSD for 20th April 2022
Monero Adds 90% from Q1 2022 Lows, will XMR Rally to $300?
Past Performance of XMR
Monero is stable in the previous 24 hours but up eight percent versus the USDT in the previous trading week. Technically, buyers are in control, adding roughly 90 percent from Q1 2022 lows. XMR remains bullish above April 18 lows and the support line marked by the flexible 20-day moving average from the daily chart.
Monero Technical Analysis
Overall, Monero buyers have the upper hand reading from the candlestick arrangement in the daily chart. Even though the uptrend's momentum appears to be slowing down, the inability of sellers to completely unwind the gains of April 18 and break below the $230 signal strength. As a result, traders may find entries on dips above $230 with an immediate target at $300. On another approach, risk-averse buyers can wait for a clean break above $270 before trading with the primary trend. If sellers press lower, losses below April 18 lows and, most importantly, the middle BB may entail a bear breakout, possibly driving XMR towards $185.
What to Expect from XMR
Monero is firm to the upside, finding support above the middle BB. Based on the formation in the daily chart, XMR may float higher to $300 provided buyers sustain prices above spot rates.
Resistance level to watch: $270
Support level to watch: $230
Disclaimer: Opinions expressed are not investment advice. Do your research.
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