Technical Analysis for XMRUSD for 21st March 2022
Monero in a Bullish Breakout Pattern, will XMR Rally to $250?
Past Performance of XMR
The XMR price could be bullish, but the daily chart has a bear divergence pattern. Monero prices are printing higher as trading volumes dry up, questioning the strength of the uptrend. Currently, Monero is within a bullish breakout pattern above $190 even though there has been no sharp confirmation of the March 8 bull bar.
Monero Technical Analysis
From the XMR formation in the daily chart, every low could offer entries for aggressive Monero traders angling at $250 and $300 in the medium term. Notably, Monero prices are within the March 8 high volume, wide-ranging bullbar, as evident in the daily chart. Since the coin is still within the bull bar, buyers are still in control from an Effort-versus-Results perspective. Accordingly, traders may buy the dips above $190 in anticipation of another leg up to $250. Conversely, a dump below $160 nullifies the uptrend, swinging price action in favor of sellers.
What to Expect of XMR
The medium to long-term trajectory of Monero was defined on March 8. As such, buyers appear to be in control provided prices are held, ideally above $190, and on the lower end, $160. A move up could propel Monero to $250 in the short term.
Resistance level to watch: $250
Support level to watch: $190
Disclaimer: Opinions expressed are not investment advice. Do your research.
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