Technical Analysis for XMRUSD for 23rd November 2021
Monero Bears Dominate, Bulls Must Close above $270 for Uptrend Validation
Past Performance of XMR
Monero as a project is a leader in its category and continues to be developed.
As from the daily chart, the upward drive isn't reflected in price action.
Technically, XMRUSDT prices are under pressure, trading within a bear breakout pattern clear in the daily chart.
The inability of Monero bulls to follow through, reversing losses of November 16, makes the prospects of reversal even dimmer.
What to Expect of XMR
Overall, Monero traders are hopeful, expecting the project to track Bitcoin's prices.
Even still, losses below $250 and rejection of higher prices on November 22 signals weakness.
Besides, XMRUSDT prices are within the bear bar of November 16—a wide-ranging candlestick distinguished by high trading volumes.
From volume analysis, this is bearish. Monero prices, therefore, could tank if bulls don't force the coin above $250 and, ideally, $270.
Monero Technical Analysis
XMRUSDT prices are trending in a tight trade range, swinging to favor sellers.
In the days to come, every high may represent entries for aggressive Monero sellers angling for November 16 lows of $200.
Notably, this mark flashes with the May to late July trade range of the 78.6 percent Fibonacci retracement level.
If Monero bears are consistent, XMR may further drop to $180—Q3 2021 lows.
Resistance level to watch: $250 and $270
Support level to watch: $200
Disclaimer: Opinions expressed are not investment advice. Do your research.