#Monero Crashes After Spinning Tops Formation, Resistance At $16
Past Performance of Monero
Monero is under pressure, dropping five percent in the last trading day. From the daily chart, XMR is reacting strongly from last week’s highs at around $165. After a spinning tops formation, the coin retraced yesterday, printing a bearish engulfing pattern, signaling weakness. Based on this, there could be a confirmation today, heaping more pressure on the coin.
#Monero Technical Analysis
After a spinning tops formation, XMR is down at spot rates. It looks likely for bears to flow back, pushing the coin deeper in red. Therefore, since yesterday’s bar was bearish and engulfing, traders might look for entries on every attempt higher towards $165. The immediate target would be $145 and later March lows at $130 if bears press on. On a more optimistic outlook, the trend will resume should prices break above $165, reversing recent losses with expanding participation levels. In that case, XMR may float to January highs at around $180.
Past Performance of #XMR
Asset prices are under pressure across the board, and XMR is no exception. From the daily chart, buyers will flow back if there is a breakout above the spinning tops of the end of last week with rising volumes. If not, bears of yesterday may force the coin lower this week.
Resistance level to watch out for: $165
Support level to watch out for: $145
Disclaimer: Opinions expressed are not investment advice. Do your research.
Monero is under pressure, dropping five percent in the last trading day. From the daily chart, XMR is reacting strongly from last week’s highs at around $165. After a spinning tops formation, the coin retraced yesterday, printing a bearish engulfing pattern, signaling weakness. Based on this, there could be a confirmation today, heaping more pressure on the coin.
#Monero Technical Analysis
After a spinning tops formation, XMR is down at spot rates. It looks likely for bears to flow back, pushing the coin deeper in red. Therefore, since yesterday’s bar was bearish and engulfing, traders might look for entries on every attempt higher towards $165. The immediate target would be $145 and later March lows at $130 if bears press on. On a more optimistic outlook, the trend will resume should prices break above $165, reversing recent losses with expanding participation levels. In that case, XMR may float to January highs at around $180.
Past Performance of #XMR
Asset prices are under pressure across the board, and XMR is no exception. From the daily chart, buyers will flow back if there is a breakout above the spinning tops of the end of last week with rising volumes. If not, bears of yesterday may force the coin lower this week.
Resistance level to watch out for: $165
Support level to watch out for: $145
Disclaimer: Opinions expressed are not investment advice. Do your research.
