XMR Technical Analysis: Exiting The Wedge Hints Bull Run For Monero

XMR technical analysis shows a bullish continuation challenging the overhead resistance at $137 after surpassing a highly bearish trendline. Key Technical Points: XMR prices have increased by 7.06% in the last 24 hours. The market price takes a bullish exit from the falling wedge pattern in the daily chart. The 24-hour trading volume of Monero is $104 Million, indicating a rise of 17%. Past Performance of XMR As mentioned in our previous analysis, the XMR price action displays the falling wedge pattern in the daily chart. The bearish pattern accounts for a 60% drop this summer, testing the psychological mark of $100. However, the buyers quickly regained the train control resulting in a price jump of more than 30% to take the bullish exit of the falling wedge. Source – Tradingview XMR Technical Analysis The XMR breakout rally struggles to surpass the $137 resistance level teasing a potential retest of the broken trendline. Hence, traders buying at the current market price can put a stop loss below the $120 support level. The MACD indicator shows a continuous growth in buying pressure as the fast and slow lines prepare to cross the zero line. Therefore, the likelihood of a bullish continuation increases, which may further increase demand. The RSI indicator shows a rising trend in the underlying bullishness, breaching the halfway line. Hence the technical indicator supports the possibility of a price jump above $137. Coming to th...