![Sellers, look out for these signs on Monero’s [XMR] price charts](https://i.headtopics.com/images/2023/3/8/cryptoamb/sellers-look-out-for-these-signs-on-monero-s-xmr-p-sellers-look-out-for-these-signs-on-monero-s-xmr-p-1633265021206790145.webp)
Sellers, look out for these signs on Monero's [XMR] price charts!
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionThe recent break in structure on the lower timeframe meant the market might have shown its hand[XMR] recorded a bearish trajectory on the higher timeframe charts. In contrast, it posted significant gains of 9.14% over the last four days, before facing rejection around the $155-zone.
Although the bounce from $144 was strong, recent price action revealed bears have seized control. The market structure break highlighted in orange showed a shift in bias on the lower timeframes. Moreover, this was in agreement with the higher timeframe downtrend, such as on the daily chart. The $152-$155 area has acted as resistance since 24 February. On the day of writing, the price pushed as far north as $155.7, before tumbling to $150.4. This sharp rejection saw a fair value gap form on the chart. This area had confluence with the resistance of the past ten days.The OBV has trended upward since 4 March, when the prices bounced from $144. The RSI has also been above neutral-50 for the majority of the past week.
Taken together, the evidence revealed that demand has been steady over the past few days. And yet, the strong break in structure means XMR could retrace most, if not all of its recent gains. A short position can be considered if Monero sees a rejection around the FVG. Invalidation of this idea would be a session close above $155.7.The spot CVD has been on the rise over the past couple of days.
If this trend of a falling OI continues, it would support the bearish notion presented above. Hence, the OI could help sellers reach a bias as well.Subscribe to get it daily in your inbox.
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