Monero Technical Analysis for 02/01/2016 – Trend Line Violated!

Monero started trending higher in the middle of January, but it looks like the trend has begun to lose momentum. In fact, the technical indicators show that the market may even reverse. For starters, the the trend line – which price bounced from multiple times in January – has been finally broken to the downside on January 28.

Monero-technical-analysis-Feb1-3Monero-technical-analysis-Feb1-3

Also, on that same day, the pivot zone at 0.0014 was broken as well. This price level has acted as resistance on three occasions during January, and another two times as support. Since price is now trading around 0.001935, the 0.0014 is very likely to now act as resistance again.

Monero-technical-analysis-Feb1Monero-technical-analysis-Feb1

Although price has broken some major technical areas in the last few days, there is also a major pivot zone that is still holding price for the time being. The 0.0013 level goes all the way back to the end of December when it acted as resistance, and also another two times during the middle of January. The market is now essentially stuck between 0.0013 and 0.0014, therefore, a break of either these two monster pivot levels will determine market direction in the near future.

Monero-technical-analysis-Feb1-2Monero-technical-analysis-Feb1-2

Related Post

 

 

Disclaimer:  This is not trading/investment advice!

Chart Source: https://poloniex.com/exchange#btc_xmr

If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.

Traderman

Avid blogger, entrepreneur, and cryptocurrency enthusiast. I love writing about cryptocurrency, NFTs, price analysis, and much more!

Share
Published by
Traderman

Recent Posts

FOMO: Best Crypto to Buy Now— AurealOne is Merging Innovation with Investment Potential!!

The abbreviation Crypto refers to digital money which uses blockchain technology to operate as a…

1 day ago

Smart Money Targets Key Narratives: Accumulation Trends Highlight Growing Interests in Meme Coins, DeFi, and AI

A fresh round of investments over the last day shows high-net-worth individuals and institutional players…

2 days ago

Bitcoin Network Growth and Renewed Investor Confidence Signal Strong Market Fundamentals

The continued growth of Bitcoin is reflected in the rise of its holders, with the…

2 days ago

Ethereum Faces Record Selling Pressure, But Support Levels and Momentum Could Propel it Toward $800

In recent times, Ethereum has faced a lot of selling pressure, with the last three…

2 days ago

Crypto Trader Makes Millions in Profit with High-Leverage Trades on Hyperliquid

A prominent cryptocurrency trader is enjoying unprecedented success with high-leverage positions on the Hyperliquid platform,…

2 days ago

Donald Trump’s World Liberty Financial Persists In Making Substantial Maneuvers Within The Crypto Space

Donald Trump's World Liberty Financial (@worldlibertyfi) has once again made a significant move in the…

2 days ago