Monero Technical Analysis for 01/23/2016 – Resistance at 0.0015?

While Moreno was trading in a sideways market for most of December of last year, January has been a much more exciting month. The 0.0013 area – which was preventing Monero from breaking out for the past two months – has been broken. Price used the 0.0013 area as support on two occasions in the past two days, which makes 0.0013 a very significant technical level. Any sell-off that pushes price under 0.0013 again will most likely decimate any bullish market sentiment.

Monero-technical-analysis-Jan23-1

 

The market is currently in rallying mood, but there is a major obstacle at 0.0015. This pivot zone goes all the way back to October of last year, when the market respected 0.0015 as support. This level also acted three times as resistance in the first half of November. Given the prior history of this area, it is quite possible that this level will now act as a barrier.

Monero-technical-analysis-Jan23-2

If the market can surmount 0.0015, the likelihood of further gains increases dramatically.

 

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.

Leave a Reply