XMR Technical Analysis: Range Below 200-day SMA Warns Correction

The XMR price trend forms a rising channel pattern to challenge the sellers at $155, in hopes of a price jump to the $175 mark. Key Technical Points: The XMR prices jumped by 7.03% in the last 24 hours. The consolidation range between $137 and $155 sustains between the 50 and 100-day EMAs. The 24-hour trading volume of Monero is $162 million, indicating a rise of 35%. Past Performance of XMR As mentioned in our previous analysis, the XMR prices sustain the wedge breakout rally and are forming a rising channel pattern. However, the price struggles to get to $175 because of the supply pressure building up close to the resistance trendline of the channel. In the end, the prices recover from the support trendline but struggle to exceed $155. Source – Tradingview XMR Technical Analysis The bull market resuming its upward momentum within the XMR price chart will face unfavorable selling pressure at the $155 horizontal mark. However, traders may discover a lucrative breakout entry point when the buyers can overcome the supply flow. The market value of the Monero token is well over the 50-day SMA that cushions bearish attacks. But the bullish breakout from the resistance trendline will confront the 100-day SMA, acting as a bearish threshold. The MACD and signal lines join after the bearish attack and then diverge again to return to the bearish alignment in case prices do not surpass $265. However, the RSI indicator remains in an upwar...