🔥$XMR Bearish but oversold, I'd consider Long for contrarian play on 1-hour timeframe
Price Action Assessment:
• Multiple failed tests of 520-525 resistance zone
• Formation of potential double bottom near 480-490 region
• Recent hammer-like patterns suggesting buying interest at lower levels
• Consistent lower highs since 650rejection
• While the broader trend remains bearish, oversold conditions in KDJ, BOLL %B, and positive RSI divergence create a tactical long opportunity.
Recent candles show declining volume during sell-offs, suggesting selling exhaustion.
Entry long $XMR : 499-504 USDT (Support confluence)
Stop Loss: 480 USDT (below recent swing low)
Target Levels $XMR : 525 USDT (Resistance level), next resistance 542 USDT
Support me just Click below to Trade 👇 Cheers.
A break below 480 would invalidate the setup and suggest continuation toward 460.
#xmr #xmrusdt #monero