XMR technical analysis displays an increase in supply at the $154 level that may shortly result in a downtrend to test buyers at the $135 mark. After a 16 % drop to break below the rising channel pattern last week, the Monero (XMR) prices show a relief rally to the $154 mark. And with a bearish candle forming at the retest, the possibility of a downtrend increases. So, will the prices break the 50-day SMA, or a lateral trend will keep the trend trapped? Key Points: The XMR price trend can fall below the 50-day SMA. The 50 and 100-day SMA struggle to give a bullish crossover. With a market cap of $2.75 billion, the intraday trading volume of Monero has increased by 32% to reach $84.46 million. Source – Tradingview XMR Technical Analysis After a tremendous bullish recovery within a rising channel, the XMR prices fell below the pattern last week. The downfall comes after failing to exceed the 200-day SMA resulting in a 16% to the $140 support level. However, the prices took a bullish turnaround to retest the $154 level, but the retest rally took a lateral shift with a lack in trading volume. Furthermore, the recent bearish engulfing candle forming with a 2.45% fall projects the possibility of a downtrend continuation. Currently, the prices rest at the confluence of the 50 and 100-day SMA, reflecting bullish support against the bear trend. If the supporting SMAs propel the XMR market value above the $154 support level resistance l...
