<strong><em>XMR price shows the bull cycle struggling to exit the falling wedge, warning of a potential reversal rally testing the support trendline. </em></strong>

<strong>Key technical points: </strong>
<ul>
 	<li>XMR prices have jumped by 5.04% in the last 24 hours.</li>
 	<li>The price action teases a potential bear cycle restarting within the falling wedge pattern.</li>
 	<li>The 24-hour trading volume of Monero is $133 Million, indicating a drop of 105%.</li>
</ul>
<h2>Past Performance of XMR</h2>
The <a href="https://coincodex.com/crypto/monero/">XMR price</a> action shows a long-coming downtrend in the daily chart, accounting for a falling wedge pattern and a 60% drop in market value. The downtrend started from the height of $275 to test the bottom support at the psychological mark of $100. However, the recent bull cycle from the $100 mark struggles to surpass the resistance trendline and the overhead resistance close to $130.

<img src="https://s3.tradingview.com/snapshots/3/3X7IIG4S.png" alt="TradingView Chart" />

<strong>Source- </strong><a href="https://www.tradingview.com/x/3X7IIG4S/" target="_blank" rel="noopener">Tradingview</a>
<h2><span style="font-weight: normal">XMR Technical Analysis </span></h2>
The XMR price shows an overnight bullish reversal leading to a hammer candle formation that drives the market value up by 5%. However, the price action fails to form a morning star pattern and shows signs of struggle to surpass the resistance trend line and create a potential double top pattern. Additionally, the falling prices influence bearishness on the simple moving averages leading to a bearish crossover of the 100 and 200 days average lines.

The DMI indicator shows the DI lines ready for a bearish crossover as bullish momentum is falling, evident by the ADX line. Hence, the technical indicator takes a bearish standpoint and forecasts a potential retracement to the $100 mark. The Stochastic RSI indicator shows the K and D lines merging in the overbought territory and maintaining an overall sideways trend. However, the overbought nature warns of a potential bear cycle starting shortly.

In a nutshell, the XMR technical analysis maintains an overall bearish forecast teasing a potential reversal to the psychological support level at $100.
<h2><span style="font-weight: normal">Upcoming Trend </span></h2>
If the buyers can beat the resistance trendline, the increase in demand will skyrocket the XMR prices to the $150 mark. However, the much more likely possibility of a bearish continuation will test the $100 mark, acting as the neckline of the double top pattern.

<strong>Resistance Levels: </strong> $137 and $150

<strong>Support Levels:</strong>$120 and $100

XMR Technical Analysis: Will Buyers Fail To Exit The Wedge? 

XMR Technical Analysis shows the bull cycle struggling to exit the falling wedge, warning of a potential reversal rally testing the support trendline. 

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: Will Buyers Fail To Exit The Wedge?

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