$XMR
XMRUSDT — Holding Key Support After Sharp Weekly Correction
XMRUSDT is trading at $512.45, finding clear support at the critical $493 - $510 zone after a sharp -27% weekly correction. This level represents a confluence of the 90-day breakout point and a major volume node. The price is now consolidating, showing a clear battle between buyers defending the trend and sellers attempting to force a breakdown. This creates a high-probability long setup at value.
Trade Plan (Long - Major Support Reversal)
Entry (Long): $505 – $515 (on a bullish reversal candle (e.g., hammer, engulfing) or a bounce off the ascending trendline on lower timeframes).
Target 1: $540 – $546 (retest of the 24h high and the top of the recent consolidation range).
Target 2: $570 – $580 (0.618 Fibonacci retracement of the weekly drop and the next major resistance level).
Stop Loss: $488 (below the weekly swing low and the key $490 support).
My View
The sell-off appears to be a healthy correction within a strong multi-month uptrend, not a reversal. Holding this support zone is crucial for the bullish thesis. The most probable path is a consolidation followed by a reversal back toward the highs as momentum resets. This setup is for patient swing traders looking to buy a quality asset at a discount within a primary uptrend. Wait for the 4H chart to show a clear loss of downside momentum before entering.
