<strong><em>XMR technical analysis displays an increase in supply at the $154 level that may shortly result in a downtrend to test buyers at the $135 mark. </em></strong>

After a 16 % drop to break below the rising channel pattern last week, the <a href="https://www.cryptoknowmics.com/news/giant-mining-pool-for-monero-to-shut-down-on-august-12/" target="_blank" rel="noopener">Monero</a> (XMR) prices show a relief rally to the $154 mark. And with a bearish candle forming at the retest, the possibility of a downtrend increases. So, will the prices break the 50-day SMA, or a lateral trend will keep the trend trapped?
<h3>Key Points:</h3>
<ul>
 	<li>The XMR price trend can fall below the 50-day SMA.</li>
 	<li>The 50 and 100-day SMA struggle to give a bullish crossover.</li>
 	<li>With a market cap of $2.75 billion, the intraday trading volume of Monero has increased by 32% to reach $84.46 million.</li>
</ul>
<img class="alignnone" src="https://s3.tradingview.com/snapshots/n/NS0YiIvf.png" alt="XMR/USD Chart" width="2047" height="1057" />

Source - <a href="https://www.tradingview.com/x/NS0YiIvf/" target="_blank" rel="nofollow noopener">Tradingview</a>
<h2>XMR Technical Analysis</h2>
After a tremendous bullish recovery within a rising channel, the XMR prices fell below the pattern last week. The downfall comes after failing to exceed the 200-day SMA resulting in a 16% to the $140 support level.

However, the prices took a bullish turnaround to retest the $154 level, but the retest rally took a lateral shift with a lack in trading volume. Furthermore, the recent bearish engulfing candle forming with a 2.45% fall projects the possibility of a downtrend continuation.

Currently, the prices rest at the confluence of the 50 and 100-day SMA, reflecting bullish support against the bear trend.

If the supporting SMAs propel the XMR market value above the $154 support level resistance level, an uptrend to the $175 mark is possible.

But an increase in selling pressure will drive the market value to the next support level of $135.
<h2>Technical Indicators</h2>
The RSI slope reverses in the nearly oversold zone to maintain a sideways trend close as the XMR prices revert. This reflects an increase in buying pressure but struggling to sustain growth.

Moreover, the possibility of a bullish crossover in the fast and slow lines increases as the bearish histograms display a declining trend.

Resistance Levels: $155 and $175

Support Levels: $150 and $135

Will XMR Prices Plunge to $135 Next Month After The Retest?

XMR technical analysis displays an increase in supply at the $154 level that may shortly result in a downtrend continuation to test buyers at the $135 mark.

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

Will XMR Prices Plunge to $135 Next Month After The Retest?

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