Short or long? Here are some levels Monero [XMR] traders should to keep an eye on

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the opinion of the writer. 

Since the 12 May drop, Monero has been one of the larger altcoins which have had quite an impressive performance on the price charts. Ranked 25th by market capitalization, Monero’s plunge to $133 was followed by an impressive 70% rally to reach the $207 mark. This came at a time when Bitcoin traded within a range, making the short-term bullishness of Monero all the more enticing for buyers.

However, at press time, the structure on the lower timeframes appeared to have flipped to bearish once more.

Source: XMR/USDT on TradingView

On the 4-hour chart, it can be seen how XMR slowly trended upward in February through mid-April, to reach the $289.5 mark. This, however, was a longer-term zone of resistance stretching back to October last year. The price faced rejection at this resistance zone and plunged lower, all the way to $119 on May 12.

On the way down, the price stalled at the $200 zone of support, highlighting this psychological round number’s importance to traders and investors. The Fibonacci retracement levels (yellow) plotted for XMR’s drop from $289.5 to $119 highlighted the $224.4 and $253 levels as critical resistances, as they are the 61.8% and 78.6% retracement levels respectively.

A few days ago, the price once more faced stiff resistance at the aforementioned $200 zone, which had confluence from the 50% retracement level as well. Moreover, the price slipped beneath the 38.2% retracement level to indicate that bears might have the upper hand.

Source: XMR/USDT on TradingView

On the lower timeframes, it can be seen that the breakout past the $155.8 level (white)