Monero price analysis: Going back to the pits if recent highs not broken
- Sitting at a critical juncture.
- Need more than 25 percent rally from here.
Monero bulls and bears are at a critical juncture at this point when it either breaks down or tries and rallies to the recent highs to take the battle in their own stride.
XMR/USD is up more than 2 percent on day at $113.25, about a dollar away from the day's high. On the daily chart, XMR managed to breakout at the end of last month and rallied quite a bit from the point of breakout, but just shy of the confirmation point - $149, which is earlier lower high.
On 120-minute chart, XMR is sitting few points away from the critical ascending trendline support, which if broken, would result in prices going below psychologically important $100 mark.
XMR/USD 120-minute chart:
XMR/USD daily chart:
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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.
