Monero (XMR) Bullish Correction is Pending

Monero (XMR) Bullish Correction is Pending

 Published: June 22nd, 2022

Monero (XMR) showed a free fall since the beginning of June, where a minor bullish retracement is still pending. Although the last two weeks' crash showed a 44% decline in the price, it is still trading above the psychological $100 level.

On the other hand, a recent report shows that the supply of Monero (XMR) held by whale investors dropped to 45.63% from 46.48% in the first week of June. In that case, if the whales' accumulation increases from the bottom, any bullish price action would provide higher success rates. The Monero market cap also found a bottom at $2.06 and rebounded higher to $2.08 billion after a consolidation.

Moreno continued doing strong development activities even if the recent price dropped sharply. Moreover, the market participants are getting prepared for the major network upgrade on 16 July. Therefore, the current bullish pressure above the $100.00 level needs to be monitored to find the potential reversal point. Let’s see the future price direction from the XMR/USDT Technical analysis.

XMR/USDT Daily Chart

Monero (XMR) Daily Technical Analysis 22nd June 2022

In the daily chart of XMR/USDT, the recent excessive selling pressure from the 209.80 level found a bottom at the 96.90 support level. The price formed a new intraday swing high from the bottom, while the gap between the price and dynamic 20 EMA has extended. As a result, the massive fall should mitigate the loss by reaching at least the 50% Fibonacci Retracement level of 209.80 high to 96.90 low. In that case, investors should monitor the intraday price action where the main aim is to find a bullish opportunity towards the 153.40 level.

The above image shows how the RSI reached the oversold zone and rebounded higher, indicating that the price has already tested the bottom and a bullish correction is pending until the RSI reaches the 50 levels. On the other hand, the dynamic 20 EMA remains above the 140.00 level, where the gap between the price and 20 DMA is higher.

Based on the daily context, the existing bearish trend is still active as the recent buying pressure from the 96.90 level was not with the impulsive counter momentum. In that case, a minor bullish correction towards the 153.40 level is pending, depending on the intraday price action.


Monero (XMR) H4 Technical Analysis 22nd June 2022

In the H4 chart, the XMR/USDT price shows a sign of early bullish recovery even if the future cloud of Ichimoku is bearish. The price reached the top and showed a bullish QML formation where the major structure break happened at the 116.50 level. In that case, any buying pressure above the Kijun Sen Line would work as a bullish opportunity in this pair towards the 150.00 area.

The above image shows how the Trader's Dynamic Index remained steady above the 50 neutral lines. Therefore, any rebound in the TDI line with a bullish H4 candle above the Kijun Sen would be a bullish signal for XMR/USDT. Moreover, there is a bullish crossover between Dynamic Tenkan Sen and Kijun Sen while both lines are below the price. In that case. Buyers are more likely to increase the price if it finds support from the Kijun Sen Line.

Based on the H4 context, investors should monitor how the price trades at the 121.00 to 107.00 area, where a bullish H4 candle above the 121.00 would be a safer entry to the bullish side. On the other hand, the break below the 107.00 level would indicate a huge collapse in the price below the 80.00 area.


Monero (XMR) H1 Technical Analysis 22nd June 2022

In the intraday chart, the XMR/USDT price is trading within a bullish pressure where the visible range high volume level is at 114.00. Moreover, the latest intraday high volume level was also below the price at 113.90 level. Therefore, the current buying pressure from the 112.00 level has a solid buyers’ presence, and it may grow higher in the coming hours.

The above image shows how the price trades above the 114.00 high volume level while the MACD Histogram completed its bearish sentiment by reaching the neutral zero level. However, the main challenge is to pass the dynamic 20 EMA and weekly VWAP level, where any bullish H1 candle above the weekly VWAP would be a solid buying sign.

Should You Try Buying XMR/USDT?

Based on the current price action, the long-term market trend of the XMR/USDT is still bearish, but a minor bullish correction is pending towards the 150.00 area. In that case, any bullish attempt might provide a higher return until the intraday price moves below the 107.00 level.

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