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Technical Analysis for XMRUSD for 21st June 2022

Monero may Rally another 17% if XMR Bulls Break $120

Past Performance of XMR

Monero prices are floating higher, rising with the crypto tide. It is up five percent in the last trading day, bottoming up from the 2022 lows. Technically, buyers are steady, and prices are consolidating within a $20 zone. The immediate support is $100, while resistance is $120. As prices edge higher, a break above this liquidation level at $120 may spark more demand, fast-tracking the expansion of XMR prices in subsequent sessions.

Monero Technical Analysis

Traders appear confident, reading from the formation in the daily chart. Sellers remain in charge from a top-down analysis since resistance is at $120. If bulls build on gains of June 19, a close above $120 may draw in more buyers targeting $140. This is the 78.6 percent Fibonacci retracement level and May 2022 lows of the April to June 2022 trade range. Still, bears would be back in the picture if prices pullback from spot levels to below $100 with rising trading volumes.

What to Expect from XMR

Monero is rising as trading sentiment shifts. Gains above $120 may see the coin add more than 25 percent to a critical reaction point in the short term. Nonetheless, XMR sellers are in control from an Effort versus Results perspective.

Resistance level to watch: $120

Support level to watch: $100

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

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