Monero Observer XMR TA Report - Week 36, 2021
Last week, XMR peaked at 324.40 on Monday (Kraken XMR-USD) and then dropped all the way to the previous support region around 242 on Tuesday.
That’s the biggest move of the week, a 24.7% drop. Bears dominated.
Frontline bulls showed up at the daily 200 EMA and did their best to reject the bears with a long wick to the downside, managing to close that big bearish engulfing candle at 263.65.
After a couple of skirmishes, price consolidated between the 50 and 200 moving averages and closed at 256 on Sunday to end the week on a note of uncertainty.
As I am writing this report, the bulls are attempting to construct a nice bullish hammer with a decent wick supported by the 200 EMA.
- Bullish scenario
If the bulls manage a close above the 50 EMA (~275) with enough volume and conviction, we might retest the long-standing descending triangle resistance at the 300 - 310 region.
Then pretty much the biggest thing that would be left standing between bulls and the ATH is the 350 level.
- Bearish scenario
Bears need to show up and reject the bulls either at the 50 EMA or at the triangle resistance in order to maintain the lower low pattern.
A strong close under 240 is every bear’s wet dream that would leave the road to the previous support region at the 170-190 zone wide open.
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