Monero (XMR): Traders Planning to Sell Should Check $152
- The divergence between price and OBV indicates bullish reversals.
- Higher timeframes exhibited bearish price actions.
Monero has seen downtrends on its higher charts since late April sessions. That saw the price failing to break beyond previous lower highs. XMR ‘s upside will meet stiff resistance levels at $150, $180, & $208.
Moreover, the value area at $150 has proven challenging for bears to overcome. The lower chart peak at $153 had bears confirming their presence and dragging the alternative token toward the support zone at $135.
Bearish Order Block Below 50% Retracement Mark
Analysts plotted FIB retracement zones based on Monero’s action from the high of $174 to $134. Meanwhile, the 50% retracement mark was at $154.1, near the psychological zone of $150. Furthermore, $154.8 has been substantial over the past few months.
Early September sessions saw XMR breaking below the support at $143 before flipping its market outlook to bearish. Meanwhile, the upside (later that month) pushed the token to $152, only to form a bearish order block. The red box demarcated the area & traders can use it to sell their XMR.
Meanwhile, the 12hr chart structure would stay bearish until bulls push past the hurdle at $155. The RSI (Relative Strength Index) has remained under the 50-neutral over the previous month. However, the index attempted to rally past 60 during this publication.
Interestingly, the OBV (on-balance volume) maintained uptrends within the previous month. That contradicted the highlighted bearish tale, suggesting buyers scooped XMR over the past few weeks. That might welcome a northbound breakout over the coming few months.
Funding Rate Negative Again
The weighted sentiment index remained deteriorated for the altcoin since the mid-August sessions. The metric failed to soar into the positive area after the upside to $174. Combined with the price decline, it meant a unique lack of belief in bullish prices for XMR over the last few weeks.
Also, the funding rate went into the negative region over recent weeks. That confirmed that futures traders resorted to shorts, and for a good reason. Thus, the indexes supported bearishness for XMR within the upcoming days.
The climbing buying momentum on the on-balance volume suggested an impending move beyond $150. Moreover, the price action indicated $150 – $154 as a substantial resistance.
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