XMR Technical Analysis: A potential breakout awaits!
2024-07-15

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

Follow me for:
~ Unbiased analyses on trending altcoins.
~ Identifying altcoins with 10x-50x potential.
~ Futures trade setups.
~ Daily updates on Bitcoin and Ethereum.
~ High time frame (HTF) market bottom and top calls.
~ Short-term market movements.
~ Charts supported by critical fundamentals.

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.

Please hit the like button to support my content and share your thoughts in the comment section. Feel free to request any chart analysis you’d like to see!

Thank you!

#PEACE
