Ken Chigbo
Independent Analyst
- XMR/USD has moved back to the bull flag it broke out of on 2nd March.
- Market players chasing out MoneroV bull run seen in Monero.
The Monero price is seen giving back its gains at the back end of last week, which continued into Monday, on anticipation of the MoneroV hard fork of Monero. The price was nursing losses of around 4% during trading on Wednesday.
Momentum is well within the bears territory currently, as the crypto market moves in lock-step, the trend has been lower for this week already. Directly relating to Monero, market players may very well have banked on these recent moves higher on MoneroV, closing out on their long positions.
Looking technically, XMR/USD is heading back towards a bull flag it originally broke out of to the upside, on the 2nd March. The price is currently being supported by the initial upper trend line of the flag, tracking around $315. Should the price break back through, expect a potentially fall back to $250, an evident region of demand.
XMR/USD daily chart
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