Technical Analysis for XMRUSD for 27th January 2023
Monero Adds 50%, Will the $170 Support Hold?
Past Performance of XMR
Monero is trading above August 2022 highs as momentum fades. The uptrend remains valid, and XMR is up over 50 percent from November lows. As long as XMR trades above $170, buyers remain in control and may push prices toward $200 or better in sessions ahead.
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
Disclaimer: Opinions expressed are not investment advice. Do your research.
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