Monero price analysis: XMR/USD down over 3.5%, however forming another bullish pattern to extend its recent bull-run
- Monero price down 3.5% as the price consolidates, after failing to break $300.
- XMR/USD on the verge of ending its current weekly run of gains, falling short at two consecutive weeks.
The Monero price is seen down over 3.5% on Friday, as the price further consolidates after seeing a strong run of gains over the past few sessions. Pressure to the south continues after the big $300 rejection.
XMR/USD has been on a run for two consecutive weeks of gains, however this week is looking at closing in the red, after struggling to break down strong resistance at the above trend line of the bullish pennant formation.
Technically, given the rejection, XMR/USD could be subject to some further selling pressure, unless momentum kicks back into the bulls for another test of $300. Price action is actually forming another small bullish pennant, within the large pattern seen on the daily time frame.
XMR/USD daily chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
