Technical Analysis for XMRUSD for 12th December 2022

Technical Analysis for XMRUSD for 12th December 2022

Monero Roars 30% from November Lows, XMR Bullish above $140

Past Performance of XMR

The Monero climb to spot rates is encouraging. From the daily chart, XMR is up roughly 30 percent from November lows. The good news is that the losses of early November have almost been reversed. Therefore, although trading volumes are light and traders are hoping for even more gains, sellers are in a commanding position from a top-down analysis.

Monero Technical Analysis

There are higher highs visible from the XMR price action in the daily chart. With a 30 percent spike from November floors and bulls redoubling their efforts to stem losses, there is more room for more gains. Even though XMR is bearish from volume analysis, traders’ resilience is worth mentioning. Ideally, XMR must close above $160 for the new trend definition. Even so, at spot rates, XMR is solid as long as prices are above $140. Therefore, aggressive traders can be loading the dips, targeting $160. Meanwhile, with rising volumes, any spike above $160 could allow conservative traders to buy the dips in a breakout formation, setting their eyes at $175 or Q3 2022 highs.

What to Expect from XMR

Candlestick arrangement favors bears. Nonetheless, the rejection of lower lows over the past month qualifies buyers. As aforementioned, there is more room for gains if XMR holds above $140.

Resistance level to watch: $160

Support level to watch: $140

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

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