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The Monero (XMR) price performed well in the crypto space, resulting in a 44% increase in its 24-hour trading volume. The XMR buyers have kept the buying interest as the price rebounds from the lower levels.
- XMR price prints some fresh gains following a previous day’s sell-off.
- The bulls managed to gain traction despite an overall bearish sentiment in the broader crypto market.
- However, the downside risk remains intact inside the bearish flag pattern on the daily chart.
XMR looks for upside confirmation
On the daily time frame, the bulls are attempting a recovery. However, the formation of a bearish flag and pole pattern tells a different story. This pattern is a bearish continuation of technical formation.
The price is making lower lows and lower highs inside the channel, indicating the presence of the sellers. A breach of the long-term horizontal zone placed near $140 on the daily basis would confirm the downside momentum.
The RSI (14) is trading near 50. Any downtick in the indicator would favor the bearish sentiment.
On the other hand, a successful attempt above $155.0 would invalidate the bearish argument. On moving higher, the immediate upside target can be found at $160.0.
On the two-hour time frame, a double top formation near $153.0 could result in minor correction as the downside is well guarded near $140.0. In addition to that, the mentioned resistance level coincides with the 0.50% Fibonacci retracement level. Thus, making it a crucial level to trade.
Conclusion:
Buyers are in need of more accumulation to propel the price above the previous swing high. If the price manages to defend the $137-$140 hedge area, more upside is likely.
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