Monero price analysis: Breakout is almost here, can it shine?
- Monero price on the verge of a falling wedge breakout.
- failure to do so would mean distribution.
Monero, which has been forming falling wedge on the short term chart, is now on the verge of a breakout and if confirmed and sustained, then it would only be a matter of time to scale past recent highs of around $300.
XMR/USD is up nearly 5 percent on day at $199.34, around day's high of $201. For Monero to continue the momentum, it needs to cross past the upper end of the falling wedge trendline and sustain above $205-210 levels, which would then mean price could head all the way to $300 and beyond, which is where prices started correcting in this fall that started in end of April.
Strong resistance is exactly at the current market price and then around $209, supports around $195 and $186.
XMR/USD 240-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.
