Monero cleared gains made in early 2023, is there any hope for bulls?

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Monero’s [XMR] hiked 27% in January, reaching a high of $188, up from $147. However, the privacy-focused cryptocurrency has corrected all the gains during its decline in February.

Its decline chalked a bullish descending wedge, which could offer a lifeline to bulls. But the prevailing macroeconomic headwinds may complicate matters. 

Read Monero’s [XMR] Price Prediction 2023-24

Source: XMR/USDT on TradingView

At press time, XMR had dropped below $150 and formed a bullish descending wedge pattern. The asset recovered strongly after the FTX saga, jumping from below $120 to a high of $187. However, the extended correction in February threatened to wipe out even gains made in December. 

Nevertheless, the chalked descending wedge pattern is a bullish formation that could give bulls hope. Long-term bulls could make moves if XMR immediately breaks above the pattern or waits for a potential pullback to retest the broken resistance. They can aim at the bullish target of $180 – a 14% potential hike. 

On the other hand, short-sellers can look to book profits at $134 or $122 if a bearish breakout occurs.

They should wait for a daily session close below $145 (lower boundary) and retest to confirm a further downtrend. The RSI was below 50, thus, bears had more influence in the market at the time of writing.

How much is 1,10,100 XMRs worth today?

Source: Messari

XMR’s hashrate has declined significantly since mid-February. It has made low highs since mid-February, showing that less computational power and resources were needed to secure the network.

The drop in allocated resources