Monero Technical Analysis for 02/17/2016 – Pivot Zone Review

The triangle formation – which I outlined in my previous Monero technical analysis – broke upwards in a very dramatic fashion. The market topped out at 0.00246 yesterday, and price sold-off in an even more dramatic fashion today. While not visible on the 2-hour and 4-hour charts, the 15-minute chart reveals that 0.0021 is now an important technical level. This area acted as resistance on two occasions on the 15th. The 0.0021 level turned into support when price broken above it on the same day. If price rallies again, the 0.0021 level will most likely act as resistance now.

The big question now is: will Monero continue to plunge?

The answer to that question lies at the significant 0.00175 support level. This area has buttressed the market on six different occasions since the 13th of February. Unless the market breaks under this area and stays there for at least a few hours, this level will most likely continue to act as support.

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

WIF Set to Overtake BONK? Lunex Soars with 100x Potential in Altcoin Season

As altcoin season heats up, all eyes are on the rising stars—especially Lunex, which is…

2 hours ago

Binance Coin Price Dips: BNB Holders Rush To Lunex Presale To Hedge Their Long Positions

While the broader market witnessed a notable upward movement, Binance Coin (BNB) experienced a decline…

2 hours ago

Crypto Stalwarts Forecasted 800% Growth in Innovative Projects: VeChain, Rollblock and Polkadot!

This blazing crypto bull run has investors looking for the next top altcoins set to…

2 hours ago

Dogecoin Price Set To Recreate 36,000% Rally From 2021 After Pennant Formation

The Dogecoin price is back in the limelight, captivating the crypto world with its recent…

2 hours ago

Is XRP About to Explode? How Trump’s Victory Is Affecting XRP Price Amidst JetBolt Growth

Ripple’s XRP showed a 68% price increase in the last 7 days following Trump's victory,…

2 hours ago

Ethereum Down While Bitcoin, Solana, and JetBolt Skyrocket In End November 2024

Ethereum stumbles as Bitcoin surges past $97K, Solana eyes new highs, and JetBolt’s presale shakes…

5 hours ago