Cryptocurrencies

XMR technical analysis

XMR seen from the temporality of 1D we can observe the figure of a descending wedge, currently the price is moving with bullish impulse in search of a new test of the resistance of the same figure, we also have the resistance in horizontal located in the 76.77, the volume has been increasing in this stage of the figure, if it maintains the rhythm and achieves the break to the rise of the figure, it will be important that it is maintained above the horizontal support and we form an HL so that we can confirm that the price will continue rising, otherwise we could see a fall towards the zone of demand located in the 54.43.

XMR seen from the temporality of 4H we can see how the current candle has formed a powerful bullish candle, you can clearly see the bullish momentum it has maintained after having touched the support of the figure at 65.

In conclusion, if the price manages to maintain this rhythm we will undoubtedly see an upward break, however we must be attentive to the volume with which it is done as we have a significant horizontal resistance at 76.77, the gain targets are indicated in the chart above 1D, the first target is located at 97.45 and the second target is located at 107.05, I recommend to pay attention to the action of the price of the next candles in 4H, it will be very important to determine the direction the price will take, if the BTC makes a sudden bearish movement this bullish movement may be seriously affected, so you also have to keep in mind, the safest area to trade a move up would be after the break and confirmation above 76, if this does not occur the best thing is to expect a new entry into the lower demand zone located at 54.43.

As I always say, you have to be aware of the movement, invalidations can occur, there is no 100% reliable analysis, take your own precautions when trading.

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