<strong><em>XMR price action showcases lower price rejections near $100, projecting a high likelihood of a bullish reversal to the $130 mark.</em></strong>

<strong>Key technical points:</strong>
<ul>
 	<li>The market price has increased by 3.44% over the past 24 hours.</li>
 	<li>The price action shows a possibility of a double bottom reversal from $100.</li>
 	<li>The 24-hour trading volume of Monero is $77.5 Million, indicating a downfall of 5.97%.</li>
</ul>
<h2>Past Performance of XMR</h2>
<a href="https://coincodex.com/crypto/monero/">XMR price</a> action shows the bearish retracement rally from the $130 mark as the selling pressure overpowers the trend. The falling trend loses momentum as it approaches the psychological mark of $100, evidenced by the lower price rejection candles. Hence, the price action hints at a double bottom pattern formation with a neckline at the $130 mark.

<img src="https://s3.tradingview.com/snapshots/q/q9GJdtol.png" alt="TradingView Chart" />

<strong>Source- </strong><a href="https://www.tradingview.com/x/q9GJdtol/" target="_blank" rel="noopener">Tradingview</a>
<h2><span style="font-weight: normal">XMR Technical Analysis </span></h2>
XMR prices showcase a fall in the trading volume, cutting points from the bullish reversal theory. However, the possibility of a morning star pattern near the $100 support will increase the bullish reversal possibility significantly. The MACD and signal lines showcase a bullish trend struggling to maintain a positive alignment as the spread decreases. However, the positive growth in the bullsih histograms forecasts an uptrend continuation.

However, the RSI indicator shows the slope reversing from the 14-day SMA, indicating a rise in the underlying bullishness. Moreover, the bullish divergence in the double bottom at $100 increases the chances of a  reversal to $130. In a nutshell, the <a href="https://www.cryptoknowmics.com/news/xmr-technical-analysis-how-high-is-the-risk-of-falling-to-80/">XMR</a> technical analysis projects a high possibility of a bullish reversal with a double bottom pattern formation.
<h2><span style="font-weight: normal">Upcoming Trend</span></h2>
The upcoming trend in the XMR price gives off a strong vibe of bullish reversal and projects sustenance above $100. Hence, traders can expect the reversal rally to reach the $130 mark. Moreover, the bullish breakout of the double bottom pattern will result in a price jump to $150.

<strong>Resistance Levels:</strong> $130 and $150

<strong>Support Levels:</strong> $100 and $80

XMR Technical Analysis: New Opportunity Arises For Monero Buyers 

XMR Technical Analysis showcases lower price rejections near $100 projecting a high likelihood of a bullish reversal to the $130 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.

XMR Technical Analysis: New Opportunity Arises For Monero Buyers

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