Monero price might see a big lift this weekend
Monero (XMRUSD), the privacy coin, has been treading water since August 7, whilst many other coins have been heading higher. Yet, the stalemate between bulls and bears in Monero might be about to end in the next few days.
The price is stuck in a so-called ascending triangle pattern. A horizontal resistance line crosses the June 15 and August 16 highs at 285 USD per coin. The XMRUSD spent about five days trying to trade above this level in June, and recently, the same level has blocked the price since August 7.
The more a level blocks the price from gaining, the more important it becomes, as there are likely many stop levels just above this level.
The second part of the chart pattern is the upward-pointing trend line via the May 20 low of $156 and the June 20 low at $179. Taking the difference between the June low and the horizontal resistance level, we obtain the patterns price objective at approximately $399. For the pattern to trigger, the price would need to trade above 285 USD per coin, which might happen as early as this weekend.
Monero price chart
Author
Alejandro Zambrano is ATFX’s Global Chief Market Strategist. He combines extensive professional experience and a pragmatic attitude to trading, building clients’ understanding of the markets and the rationale behind investing.
