XMR prices showcased a bullish reversal last week, resulting in a retracement to the $175 resistance. Will the uptrend surpass this crucial resistance?

Key technical points:
<ul>
 	<li style="font-weight: 400;">XMR price rose 30% in the last ten days.</li>
 	<li style="font-weight: 400;">The uptrend challenges the newfound resistance trendline.</li>
 	<li style="font-weight: 400;">The 24-hour trading volume of Monero is $236 Million, reflecting a 54% hike. </li>
</ul>
<h2>Past Performance of XMR</h2>
Looking at the past performance of Monero, the market value of a single XMR token has depreciated hugely as it fell drastically from $280. The downtrend cut the market price in half before showing a bullish retracement with increased momentum to challenge the correction-generated resistance trendline. This reversal starts from the $140 support level and accounts for a 30% jump to challenge the $175 resistance along with the descending trendline.

<img src="https://s3.tradingview.com/snapshots/z/ZHa2HdoO.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/ZHa2HdoO/">Tradingview</a>
<h2>XMR Technical Analysis </h2>
The recovery rally in XMR prices reached $175 on 15th May, but the excessive selling pressure and bullish fightbacks led to consolidation. This sideways shift now approaches the resistance trendline with hopes of a bullish breakout to reach the $200 mark.

With the recent bearish crossover of the 100 and 200-day EMAs, the crucial daily EMAs achieve a bearish alignment. However, the lack of a bearish spread keeps the possibility of a bullish reversal standing strong. 

Looking at the technical indicators, the RSI slope surpasses the 14-day SMA after a fast parabolic reversal, ending the downtrend phase. However, it shows a diagonal bullish trend struggling to surpass the halfway line. 

The K and D lines actively avoid a bearish crossover to continue the uptrend and reach the overbought zone. Thus, it reflects a solid bullish cycle in motion.

In short, the XMR technical analysis portrays a high possibility of the resistance trendline breakout.
<h2>Upcoming Trend</h2>
If XMR prices break above the resistance trendline, an upside rally to the $200 seems inevitable with an increased breakout possibility of reaching the $225 mark.

However, if traders see a reversal below the $160, it could increase the fallout likelihood and result in an inevitable fall to $140.

Support Levels: $160 and $150

Resistance Levels: $200 and $225

Updated Article: <a href="https://www.cryptoknowmics.com/news/xmr-technical-analysis-sellers-at-200-under-extreme-stress">XMR Technical Analysis: Sellers At $200 Under Extreme Stress</a>

XMR Technical Analysis: Multiple Bearish Variables Resist Recovery Rally 

XMR prices showcased a bullish reversal last week, resulting in a retracement to the $175 resistance. Will the uptrend surpass this crucial resistance?

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.

XMR Technical Analysis: Multiple Bearish Variables Resist Recovery Rally

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