Sellers, look out for these signs on Monero’s [XMR] price charts
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
Monero [XMR] recorded a bearish trajectory on the higher timeframe charts. In contrast, it posted significant gains of 9.14% over the last four days, before facing rejection around the $155-zone. But is this a sign that sellers are gaining strength or can bulls expect further gains?
Read Monero’s [XMR] Price Prediction 2023-24
Bitcoin is also likely to have a say in the matter, but the price action showed that XMR is likely to retrace the gains it made over the last four days.
Source: XMR/USDT on TradingView
The Volume Profile Visible Range tool highlighted three levels of importance. The Value Area High and Low at $153 and $149, respectively, and the Point of Control at $151.1. At the time of writing, the price was shooting north after nearing the POC as support.
Although the bounce from $144 was strong, recent price action revealed bears have seized control. The market structure break highlighted in orange showed a shift in bias on the lower timeframes. Moreover, this was in agreement with the higher timeframe downtrend, such as on the daily chart.
The $152-$155 area has acted as resistance since 24 February. On the day of writing, the price pushed as far north as $155.7, before tumbling to $150.4. This sharp rejection saw a fair value gap (white) form on the chart. This area had confluence with the resistance of the past ten days.
How much are 1, 10, 100 XMR worth today?
The OBV has trended upward since 4 March, when the prices bounced from $144. The RSI has also been above neutral-50 for the majority of the past week. However, in the house before press time, the same recorded a
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