Monero XMR Is Testing $134 Resistance in a Bearish Pennant Pattern

Monero XMR Is Testing $134 Resistance in a Bearish Pennant Pattern

• Monero XMR is trading at $132 and is down 0.51% in the last 24 hours.
• XMR is testing the resistance level which is positioned between the $134-$136 range.
• 200-day MA and 50-day MA are positioned parallel to the horizontal; prices are obliged to move sideways.

Monero XMR is trading today at $132.19 with a 24 hour trading volume of $73,897,187. The token is down 0.51% in the last 24 hours. Currently, CoinMarketCap ranks XMR #24, with a live market cap of $2,406,405,490.

XMR is traversing a bearish pennant pattern. Notably, XMR is very close to Resistance 1, which is positioned between $133-$135. Starting from November 9, XMR was setting new higher lows up until November 18.

On November 9, XMR was trading at $115; on November 14, it set a higher low of $122; and on November 16, it set a new higher low of $126. Afterward, XMR reached its familiar territory, which is positioned between the $130-$133 range.

Ever since XMR reached the $130-$134 range on November 16, it has been fluctuating in that region up until November 20. However, the price fell below the $130 mark and came back to its familiar range between $130-$133 in quick succession, and it seems to be testing Resistance 1.

Interestingly, the 200-day MA (yellow line) and the 50-day MA (red line) seem to be parallel with the horizontal, which indicates that the prices will be moving sideways.

However, if the bulls dominate the market, XMR can break Resistance 1. With more excessive force from the bulls, XMR will be looking to hit Resistance 2.

XMR/Tether -1h Chart on TradingView

On the other hand, if the bears take control of the market, then XMR may be looking at landing on Support 1, which is around $125. And if the bear continues its dominance on the market and breaks Support 1, then XMR will be looking at landing on Support 2, which is around $115.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post Monero XMR Is Testing $134 Resistance in a Bearish Pennant Pattern appeared first on Coin Edition.

See original on CoinEdition