Cryptocurrency

Monero: Traders looking to sell XMR have reason to consider the $152 level


Disclaimer: The findings of the following evaluation are the sole opinions of the author and shouldn’t be thought-about funding recommendation.

  • A divergence between OBV and value suggests a bullish reversal
  • Price motion remained bearish on greater timeframes

Monero [XMR] has been on a better timeframe downtrend since late April. Since then, the value has not managed to escape above its earlier decrease highs. Above XMR lay formidable resistance zones at $150, $180, and $208.


Here’s AMBCrypto’s Price Prediction for Monero [XMR] in 2022


A earlier article famous how $150 was a agency resistance. The decrease timeframe vary highs at $153 noticed the bears maintain their very own and compelled a pointy decline again to the $135 assist space.

Bearish order block beneath the 50% retracement level

Source: TradingView

A set of Fibonacci retracement ranges (yellow) have been drawn based mostly on XMR’s transfer from $174.3 down to $134. The 50% retracement level was at $154.1, which was shut to the psychological $150 level. Moreover, the $154.8 level has additionally been a major level in current months.

In early September, XMR broke down beneath the $143 assist and flipped the market construction to bearish. Its rally later that month to the $152.8 space solely served to set up a bearish order block. Demarcated by the purple field, this space can be utilized by merchants to sell XMR.

Until the bulls handle to drive costs previous $155, the construction and bias on the 12-hour chart would stay bearish. The Relative Strength Index (RSI) has been under impartial 50 for a great portion of the previous month too, though at press time it made an try to climb previous 60.

Surprisingly, the On-Balance Volume (OBV) has been in an uptrend over the previous month. This contradicted the bearish notion laid out beforehand, and urged that consumers have gathered Monero in current weeks. This might see a breakout to the north in the subsequent few months.

Funding Rate unfavorable as soon as extra as futures merchants flip bearish

Here is why you can look to sell Monero around $152

Source: Santiment

The weighted sentiment metric has been unfavorable for XMR since mid-August. After the rally to $174, the weighted sentiment was unable to climb into constructive territory and keep there for any important time period. Combined with the downtrend on the value charts, the indication was a definite lack of religion in bullish value motion for the asset in current weeks.

The funding charge has additionally gone on a unfavorable trajectory in current weeks. This confirmed that shorts have been extra widespread amongst futures merchants, and with good reason. Therefore, the metrics additionally supported a bearish bias behind XMR in the coming days.

The rising shopping for quantity on the OBV regardless of its pattern was the solely issue that credibly indicated a transfer previous $150 was brewing. Meanwhile, the value motion confirmed $150-$154 to be an important resistance zone.

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