Crypto Technical Analysis

Monero XMR Technical Analysis: 18 February 2022

Monero (XMR) Price Prediction

The Monero price amid the 2021 bull run went along to hit the highest levels close to $520 in May and quickly shed more than 75%. Despite the recovery, the asset maintained a consolidated trend until the end of the 2021 trade. However, since the beginning of the current year trade, the price lost another 40% of its value to mark the yearly lows below $140. Luckily, the asset quickly rebounded to some extent yet got rejected below $185 in no time. 

At present after yet another pullback, the Monero price is yet again attempting to eliminate the downtrend. Will the asset be successful in easing the selling accumulation and uplifting the price above the danger zone? Let’s see!

Additional Read: What is Monero? 

Technical Analysis of Monero XMR/USDT

The XMR price began the yearly trade on a significant bearish note that initiated on the very first day of 2022. The price slides from $254 to as low as $140 in a very short time. No doubt the asset witnessed a decent recovery beyond $160, yet finding it extremely difficult to move ahead towards upper levels. As the buyers appear to have been exhausted a little and hence a short-term consolidation followed by a pullback appears imminent. 

Short-Term The price after hitting the lower lows has ignited a minor rebound and hence a small flip towards immediate resistance may be possible
Mid-Term After drowning more than 10% the asset is attempting to stabilize the bearish trend and hence may consolidate below $170 for some more time
Long-Term A huge bearish signal has just flashed and hence the XMR price may be primed for a notable pullback soon

Monero(XMR)/USDT Technical Indicators & Pivot Levels

Technical Indicators

Technical Indicator Value (1Hr / 1D) Action (1Hr / 1D)
Relative Strength Indicator(RSI) 39.5 / 45.5 Sell / Neutral
MACD (12, 26) -2.7 / -3.3 Sell / Sell
Bull-Bear Power 0.806 / -12.06 Buy / Sell
Average True Range(ATR) 1.77 / 10.04 Less Volatility / Less Volatility

Pivot Levels 

Pivot Levels Short-Term Long-Term
Moving Average(MA)-50 $173.9 $183.1
Moving Average(MA)-200 $175.4 $235.4
Resistance $173.9 $244.5
Support $163.7 $139.6

Additional Read: Monero Price Prediction

Summary

The long-term forecast is extremely bearish for Monero but in the short-term, some possibilities of an uptrend surface. The rising MACD & RSI display the asset’s tenacity to prevent plunging to lower levels in the short term. However, in the long term, the asset displays a complete contrast picture as both displays a bearish trend. 

The bulls appear to gain little strength in STF in the next couple of hours, while it’s the bears who will have the whole control in the HTF. On the other hand, ADX, which tells the strength of rally and volatility indicator ATR, both are plunging hard in STF, signifying a consolidation phase. A similar trend is witnessed in the HTF also which is signaling a short-term bounce followed by a massive drain. 

Technical Analysis of Monero XMR/USDT for the Week

The XMR price surged nearly 35% immediately with the beginning of the current month trade and attained $188 levels in no time. No doubt it plunged a little but somehow managed to regain the positions above $180. Woefully, with the recent plunge the asset slipped close to $162 levels and is consolidating along with the same levels. 

Monero Technical Analysis

Source: Tradingview

  • After the steep drop, the asset is swinging within the crucial resistance and support zones
  • The XMR price initially formed a double bottom pattern at the support levels and quickly surged high breaking the neckline but failing to smash the upper resistance
  • However, the asset failed more than once in hitting the upper resistance, hence forming a double top pattern
  • Interestingly, the asset is testing the trend line in the higher time frame, and if it breaks, then may again visit the lower support below $140.
  • Here is when it may attempt a bounce which may slowly yet steadily range high towards the upper resistance discarding a couple of pullbacks
  • After successfully sustaining above $200 one can expect a strong uptrend which may prevail for a while to ignite a bull run towards the higher highs

Technical Analysis of Monero XMR/USDT for Today: 18 February 2022

The Monero price maintained a steep bearish trend from the past couple of days which drained more than 11% of its value. No doubt the buyers attempted to reverse the trend yet the sellers were ready to drag the price down yet again. And hence a tough wrestle in between the buyers and sellers, the price was compelled to remain almost constant within a narrow range. With slight ease with the XMR price, a notable uptrend may get ignited which may uplift the price above $170 initially and carry towards $180 later.

The Monero(XMR) price at the press time is $164.28 with a drop of 7.35% compared to the previous day’s close. However, the trading volume surged by more than 10% signifying the growth of a decent buying volume. On the other hand, the market capitalization remains drained by nearly 8%, just slipping below $3 billion. 

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Disclaimer: The above views, information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational/ educational purposes only. The content, information, or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, digital assets/ cryptocurrencies or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as legal, financial, investment, or tax advice by the reader. The calculations, data, risk-return formulations, performance, or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors, or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

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