XMR Technical Analysis: Buyers Challenge The Bearish Trendline

XMR coin price shows a bullish retracement to the long-coming resistance trendline generating a short symmetrical triangle. Key technical points: XMR prices approach the $200 mark. The prices surpass the 100-day EMA. The 24-hour trading volume of Monero is $242 Million, marking a 36% rise. Past Performance of XMR The XMR coin price shows a solid resistance trendline in action, which has pushed multiple bullish attempts. In addition, the trendline has influenced the formation of numerous lower-high formations. However, the new upcoming support trendline brings the possibility of a bullish symmetrical triangle breakout. Moreover, the prices surpass multiple EMAs marking a bullish reversal. Source-Tradingview XMR Technical Analysis XMR coin price rises higher under the triangle pattern and increases the possibility of a bullish breakout. First, however, traders must wait for the price action confirmation. The altcoin price surpasses the 50 and 100-day EMA as the buyers gain momentum. However, the EMAs maintain a bearish alignment as the 200-day EMA moves along the resistance trendline. RSI Indicator: The RSI slope maintains an uptrend after the recent retracement to the 50% mark. The uptrend moves with the support of the 14-day SMA, indicating a solid underlying bullishness. MACD Indicator: The MACD and signal lines keep the short spread uptrend in action despite the falling trend in bullish histograms. In a nutshell, the XMR tec...