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Technical Analysis for XMRUSDT for 16th November 2021

Monero capped in a $50 Zone, XMRUSDT Bulls Struggling

Past Performance of XMR

The XMR/USDT price remains in a tight trade range with caps at $250 and $300.

Overall, this is an indicator of strength, giving Monero buyers a chance as the crypto market cools off after a stellar performance in Q3 2021.

What to Expect of XMR

Technically, Monero buyers have the upper hand as long as XMR/USDT prices trend above the multi-week support at $250.

Presently, prices are within a $50 zone as XMR bulls soak selling pressure.

An eventual breakout above $300 may light up demand, lifting the coin to $340 and later $500 in a buy trend continuation pattern. Meanwhile, losses below $250 may force XMR even lower.

Monero Technical Analysis

The uptrend is defined, but whether Monero prices are accumulating or distributing depends on the breakout direction.

If BTC prices drop, the odds of XMR printing lower lows due to the correlation will be high.

However, a market-wide recovery could see the accumulation provide the ammunition for XMR bulls targeting H2 2021 highs of $340.

In turn, this may provide the base for another leg up for a 75 percent surge to $500—2021 highs in a welcomed buy trend continuation pattern.

However, losses below $250 mirroring the flash crash of the early Asian session might see Monero crack.

Resistance level to watch: $300

Support level to watch: $250

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

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