XMR Technical Analysis: Multiple Bearish Variables Resist Recovery Rally

XMR prices showcased a bullish reversal last week, resulting in a retracement to the $175 resistance. Will the uptrend surpass this crucial resistance? Key technical points: XMR price rose 30% in the last ten days. The uptrend challenges the newfound resistance trendline. The 24-hour trading volume of Monero is $236 Million, reflecting a 54% hike. Past Performance of XMR Looking at the past performance of Monero, the market value of a single XMR token has depreciated hugely as it fell drastically from $280. The downtrend cut the market price in half before showing a bullish retracement with increased momentum to challenge the correction-generated resistance trendline. This reversal starts from the $140 support level and accounts for a 30% jump to challenge the $175 resistance along with the descending trendline. Source-Tradingview XMR Technical Analysis The recovery rally in XMR prices reached $175 on 15th May, but the excessive selling pressure and bullish fightbacks led to consolidation. This sideways shift now approaches the resistance trendline with hopes of a bullish breakout to reach the $200 mark. With the recent bearish crossover of the 100 and 200-day EMAs, the crucial daily EMAs achieve a bearish alignment. However, the lack of a bearish spread keeps the possibility of a bullish reversal standing strong. Looking at the technical indicators, the RSI slope surpasses the 14-day SMA after a fast parabolic reversal, endin...