Monero price analysis: The only laggard crypto which still needs to breakout
- XMR is the only crypto that still hasn't broken out.
- Needs momentum to help it crossover.
Monero can easily be termed as laggard crypto as it has been the only digital currency that has lagged price momentum ever since all the others have started rallying back up since the start of this month. Although, XMR too has rallied quite a bit, but it still hasn't broken out of those technical patterns that can help it sustain the upmoves.
XMR/USD is down a percent at $257.71 on a day when all the others are up and away. A quick price move comparison with EOS and BTC reveals that XMR is up a meagre 20 percent compared with 48 percent for EOS and 36 percent for BTC since the start of April.
Resistances for XMR now stand at $258 anc $267 while supports stand at $252 and $243. $300 is the descending line which XMR needs to cross before it can be termed as broken out and shrug off its 'laggard' tag.
XMR/USD daily chart:
XMR-EOS-BTC comparison - April to date:
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.
