Monero price analysis: At a critical support, strong trigger needed to break past the barrier
- XMR at a critical long term support.
- Needs a strong trigger for a sharp bounce.
Monero price is sittting just at a critical long term support and it won't be easy for bears to break it lower, having said that, bulls need a strong trigger to make it cross past the resistance trendline formed by lower highs from drawn from April high.
XMR/USD is down just under 2 percent at $161.79 in a low volume Sunday trading in a small range of $160 - $164. XMR is trading in a falling wedge like formation on the 480-minute chart, which as mentioned earlier by this author many a times do not result in a breakout rally in the crypto world.
Support is formed at the trendline which has held on for many times in the last 2 months and should result in a meaningful bounce for now. Whether the bounce results in a breakout towards and beyond the falling upper trendline, remains to be seen. For now, bulls are on edge and bears are trying hard to break prices lower.
XMR/USD 480-minute 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.
