Technical Analysis for XMRUSD for 27th January 2023
Monero Adds 50%, Will the $170 Support Hold?
Past Performance of XMR
Monero Technical Analysis
XMR is within a bullish breakout formation, reading from the arrangement in the daily chart. For the uptrend to be sustained, XMR bulls must keep prices above $170. Otherwise, any loss below the August 2022 high may invalidate the bullish breakout of mid-January. Ideally, conservative, risk-off traders may wait for XMR prices to push above $185 in the short term, breaking out from the current $15 consolidation. Then, they can double down, especially if the accompanying volumes are high, targeting $200.
What to Expect from XMR
Bulls are confident but should $170 fail to hold, Monero may correct, possibly dropping to $150. This level marks the 50 percent Fibonacci retracement level of the November to January 2023 trade range.
Resistance level to watch: $185
Support level to watch: $170
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