Monero price analysis: After the breakdown, a try at moving up

Monero the outlier on a red day, moves up.
Just below a key trendline resistance.

Manoj B Rawal Independent Analyst

Monero is one of the outliers with a green showing on a day when all the other major cryptocurrenies are sgtruggling to stand on their feet. This happens when a day after it broke down of a key level on the long term charts.

XMR/USD is up 2 percent at $204.28, but it is still down more than 13 percent for the week. XMR broke down of a strong long term trendline support on a daily chart and is now trying hard to come back above it. The price just below the trendline resistance which stands at $207 now.

Immediate resistance for the crypto now is that very trendline while support at $192 after the pivot point of $198, below which the trend turns negative for the day.

XMR/USD daily chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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