Monero: Stuck and jammed

  • XMR stuck in a parallel channel, consolidation is the name.
  • May remain in this range for few more days.

Monero has found itself stuck in a narrowing range of a parallel channel and may spend some time in this range before any meaningful breakout or breakdown occurs for this coin which has not done much in the last few weeks of bull run.

XRM/USD is up more than one percent on day at $69.883 in a 2 percent ranged trading for the weekend so far. On the six-hour chart of this coin, as visible it has spent quite a lot of time in this narrow range that is not even 10 percent.

It may take few more days for the bulls or bears to come back in action for this coin, till then narrower consolidation is the name of the game. Immediate resistance placed at $71 and support at $64.

XMR/USD 240-minute chart:

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