XMR Technical Analysis: A potential breakout awaits!

15 Jul

Hello everyone, I’m Cryptorphic.
For the past seven years, I’ve been sharing insightful charts and analysis.

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Now, let’s dive into this chart analysis:

#XMRUSDT is showing signs of a potential bullish reversal. The price is supported by the 50 EMA and is approaching a significant resistance level.

A successful break and close above this resistance could lead to further upside, with potential targets around $283. Conversely, a failure to break the resistance might see the price retesting the support levels.

Key Observations:

- Long-Term Resistance: The price must break the long-term resistance level, marked around $178.92, to signal a strong bullish trend.
- 50 EMA Support: The 50 EMA (Exponential Moving Average) currently acts as a dynamic support level of around $149.62.
- Lower Support: The support level is established around $117.75.
- Price Action: The price is currently trading above the 50 EMA, indicating a short-term bullish trend.
The chart shows a potential bullish breakout if the price manages to sustain above the resistance level.
- Stochastic Oscillator: The Stochastic Oscillator is in the oversold territory, suggesting a potential upward momentum.

DYOR, NFA.

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