Monero(#XMR ) price analysis
Monero has been attempting to start a recovery for the past few days but is facing stiff resistance at $203.

The 20-day EMA ($193) is flattish, and the RSI is near the midpoint, indicating a balance between buyers and sellers. If the price stays above the 20-day EMA, the prospects of a break above $203 increase. The XMR/USDT pair may rally to $216 and then to $234.

If the price breaks and stays below the 20-day EMA, it will suggest that the pair may spend some more time inside the $180 to $203 range. The bears will be in the driver’s seat if they sink the price below $180.

The pair has formed a bullish ascending triangle pattern on the 4-hour chart, which will complete on a break and close above $203. If that happens, the pair could rally toward its pattern target of $228.

Instead, if the price breaks below the support line, it will invalidate the bullish setup. The failure of a bullish setup is a bearish sign as it traps several aggressive bulls. That could start a downward move to $180.