Monero Price Analysis (XRM) | the crypto in rebound

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The quotes of Monero (XMR) they are going through a recovery session in the exchange rate against the US dollar, a recovery that started in the last few hours immediately after reaching the relative lows of 134.35, on levels not seen since last July 17.

During this summer Monero had become the protagonist of a decisive bullish rally, which took place between 18 June and 16 August, and which in just over two months had led the crypto to regain just under 80% after the collapses. of previous months.

From mid-August onwards, however, the bullish pressure gradually reduced again, giving way to profit-taking that already cost XMR practically half of what it had painstakingly recovered between June-August.

The key event, from a technical point of view, was the collapse of the short-term support line which was at the lows of August 19 at 141.17. Starting from that date, the support was again brought closer by prices three times in the course of the following month, and promptly generated bullish reactions highlighting the presence of a host of buyers at that level.

However, the support was in the end violated as early as last Sunday 18 September, and for four days now Monero has been oscillating at the turn of 141.17, in the range between 145.30 and 134.35, in preparation for a new lunge.

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On a 30-minute bar chart we can see the current positioning of the resistances, i.e. the levels that keep the bearish scenario in force active. It is about quota 141.50 / 141.75 and quota 145.30 / 145.50, points of probable restart of the decline in the event of new recoveriesespecially if by next Monday 26 September.

Expectations are down to 132.90 and 131.00. Technically, it would be preferable to intervene short from prices not lower than 140.00, in order not to risk a theoretical stop that is too unbalanced in the face of the possible benefit. The scenario would be nullified by a close on a 30-minute chart above 145.50.

The article is in Italian

Tags: Monero Price Analysis XRM crypto rebound

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