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- The altcoin market was recovering following previous sell-offs, buoyed by Bitcoin’s come back to $44,000
- Sellers seem to have reversed the script since then. As support levels of $281.6 and $247 fell to selling pressure, XMR was driven down by more than 30%
- Because XMR is in a downtrend, buyers often abandon their holdings when the RSI rises to 55-60
The altcoin market was recovering following previous sell-offs, buoyed by Bitcoin’s comeback to $44,000. Monero, which has a significant historical association with the king currency, has recovered from its support level and is experiencing a much-needed surge. To turn more heads, though, several key pricing levels must be reversed. The daily 200-SMA was bearish, and the market was still more receptive to short bets at press time. XMR was trading at $248.4 at the time of writing, up 9.5 percent in the past 24 hours. In the month of September, Monero was off to a good start. The cryptocurrency surged 15% to a 2-day high of $317 after shrugging off its late-August lows.
Sellers seem to have reversed the script since then. As support levels of $281.6 and $247 fell to selling pressure, XMR was driven down by more than 30%. Following that, XMR was able to reclaim some of its lost ground thanks to an expanding wedge breakout. Sellers, on the other hand, maybe expected to keep profits under control. For a variety of reasons, this is to be expected. For one thing, the candles were still trading below their daily 200-SMA (not displayed) — a level that tends to attract short-sellers. Second, at the time of publication, XMR had failed to close firmly above the $247 resistance level. XMR must surpass price limits of $247 and then $281.6 in order to ascend to new heights.
Because XMR is in a downtrend, buyers often abandon their holdings when the RSI rises to 55-60. This allows traders to profit before the market is struck by the next wave of selling pressure. If this is the case, XMR will fall to lower levels on the chart in the next sessions. The MACD and AO, on the other hand, were significantly more upbeat and appeared to be climbing over their respective half-lines. In each scenario, the two indicators must move higher before a positive result can be predicted. Before profit-taking, XMR’s surge might be restricted to $247-$250. The indicators had not yet moved into positive territory. As a result, a sustained rally is improbable. Expect XMR to return to the $230 level when the next downturn begins. A more severe sell-off may push the price as low as $212.9.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
