XMR Technical Analysis: Will XMR Sellers Break The $137 Mark?

The XMR technical analysis displays a breakdown of a surprise support level at $142, teasing a downfall below the $137 mark. The XMR price action displays an increase in selling pressure resulting in a new bottom formation below the $142 mark. Moreover, the restarting falling trend in the crucial daily EMAs teases a breakdown below the $140 mark. So, should you consider taking a bearish trade? Key Points: The Monero prices show a power struggle at $140. The lateral trend comes to an end if the buyers fail to sustain dominance at $137. The intraday trading volume in Monero is $76.58 Million. Source-Tradingview XMR Technical Analysis The XMR price action maintained a lateral trend in the daily chart above the $142 level, which came as a surprise support level. However, the recent increase in selling pressure breaks the support level and challenges the bullish dominance at $137. During the recent bear cycle, the 15% drop in market value comes with a spike in trading volume supporting selling ideas. And with the falling trend restarting in the 50 and 100-day EMA due to the recent prolonged bear cycle, the underlying bearishness intensifies. Currently, at $140, the XMR prices may drop below the $137 support level if the selling pressure increases. And the breakout of $137 will signal a bearish entry spot for sideline traders. If the selling pressure persists, the downtrend can lead to the $137 breakout (entry point), leading to a b...