Monero Technical Analysis for 02/15/2016 – Pressure Building Up Around Pivot Zone

In the past five days, Monero has rallied to a high of 0.002339 on the 13th of February. Although price has retraced in the past two days, a significant pivot zone that has developed. The 0.00185 – which is only visible on the 15-minute and 30-minute charts – has been used as support about five times in the past two days, and also twice as resistance! The market has attempted to break below this pivot about three times today, and failed on each attempt. When this many failed attempts occur in such a short period of time – the usual outcome is a break in the opposite direction!

The triangle formation on the 1-hour chart is also showing that pressure is building up in the market. Is a violent break imminent?

On a longer term time frame, the 0.0022 level holds great technical significance. This pivot zone goes all the way back to August of 2015, when the market used this area as resistance about four times. This price level had not been touched in four months, and when the market bumped against it on the 13th of February, a sharp sell-off occurred. This is a major technical level with a lot of history behind it, and any potential rally over the next few days will definitely have a hard time surmounting 0.0022!

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

Plus Wallet: Top Crypto Wallet for Massive Rewards

Plus Wallet—Where Effortless Crypto Management and Rewards Align Perfectly In the world of cryptocurrency management,…

17 mins ago

Aptos (APT) and Tron (TRX) Prices Slide, As Volume Soars For Rollblock Suggesting Parabolic Rally

As Aptos and Tron prices take a recent downturn, the spotlight shifts to Rollblock, whose…

8 hours ago

Altcoins to Watch in November: Binance Coin (BNB), Rollblock (RBLK), and Neiro (NEIRO)

As the crypto markets roll into their most bullish time of year, we present three…

8 hours ago

Analysts Forecast $1 for Cardano and Lunex Network As Dogwifhat Plunges To Former Lows

As the crypto market prepares for a major rally, experts believe that two top altcoins,…

8 hours ago

Retail Traders Panic Sell During ‘Fake Dip’; Whales Hold Tight to SOL, DTX, and SHIB for a Millionaire-Maker Bull Run

Solana (SOL): A Strong Ecosystem Despite Volatility Solana (SOL) has been all over the place…

9 hours ago

Llama 3.2 Predicts Price For Dogecoin: $2 Peak By 2025 And $5 Rally For DTX Exchange This Winter

Cryptocurrency trends are keen on the forecast that was recently released by Llama 3.2 model…

9 hours ago