XMR Technical Analysis: Will Buyers Fail To Exit The Wedge?

XMR price shows the bull cycle struggling to exit the falling wedge, warning of a potential reversal rally testing the support trendline. Key technical points: XMR prices have jumped by 5.04% in the last 24 hours. The price action teases a potential bear cycle restarting within the falling wedge pattern. The 24-hour trading volume of Monero is $133 Million, indicating a drop of 105%. Past Performance of XMR The XMR price action shows a long-coming downtrend in the daily chart, accounting for a falling wedge pattern and a 60% drop in market value. The downtrend started from the height of $275 to test the bottom support at the psychological mark of $100. However, the recent bull cycle from the $100 mark struggles to surpass the resistance trendline and the overhead resistance close to $130. Source- Tradingview XMR Technical Analysis The XMR price shows an overnight bullish reversal leading to a hammer candle formation that drives the market value up by 5%. However, the price action fails to form a morning star pattern and shows signs of struggle to surpass the resistance trend line and create a potential double top pattern. Additionally, the falling prices influence bearishness on the simple moving averages leading to a bearish crossover of the 100 and 200 days average lines. The DMI indicator shows the DI lines ready for a bearish crossover as bullish momentum is falling, evident by the ADX line. Hence, the technical indicator ...