Technical Analysis for XMRUSDT for 16th November 2021
Monero capped in a $50 Zone, XMRUSDT Bulls Struggling
Past Performance of XMR
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
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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