XMR Technical Analysis: New Opportunity Arises For Monero Buyers 

XMR price action showcases lower price rejections near $100, projecting a high likelihood of a bullish reversal to the $130 mark. Key technical points:

• The market price has increased by 3.44% over the past 24 hours.
• The price action shows a possibility of a double bottom reversal from $100.
• The 24-hour trading volume of Monero is $77.5 Million, indicating a downfall of 5.97%.

Past Performance of XMR

XMR price action shows the bearish retracement rally from the $130 mark as the selling pressure overpowers the trend. The falling trend loses momentum as it approaches the psychological mark of $100, evidenced by the lower price rejection candles. Hence, the price action hints at a double bottom pattern formation with a neckline at the $130 mark.

Source- Tradingview

XMR Technical Analysis 

XMR prices showcase a fall in the trading volume, cutting points from the bullish reversal theory. However, the possibility of a morning star pattern near the $100 support will increase the bullish reversal possibility significantly. The MACD and signal lines showcase a bullish trend struggling to maintain a positive alignment as the spread decreases. However, the positive growth in the bullsih histograms forecasts an uptrend continuation. However, the RSI indicator shows the slope reversing from the 14-day SMA, indicating a rise in the underlying bullishness. Moreover, the bullish divergence in the double bottom at $100 increases the chances of a  reversal to $130. In a nutshell, the XMR technical analysis projects a high possibility of a bullish reversal with a double bottom pattern formation.

Upcoming Trend

The upcoming trend in the XMR price gives off a strong vibe of bullish reversal and projects sustenance above $100. Hence, traders can expect the reversal rally to reach the $130 mark. Moreover, the bullish breakout of the double bottom pattern will result in a price jump to $150. Resistance Levels: $130 and $150 Support Levels: $100 and $80

Source