Categories: Market AnalysisMonero

Monero Technical Analysis for 02/29/2016 – Break Imminent???

In my prior Monero article I said that there weren’t any overt signals as to which way the market is leaning, but the situation seems to have changed. The 2-hour chart shows an ascending triangle formation, which indicated that pressure is building up. The trading range has been steadily narrowing since the 25th. I would not be surprised if price breaks above the 0.0021 area over the next few days.

The 0.00185 area – which I also outlined in the last article – has acted as support an additional two times. This level is now a significant pivot zone that should not be ignored.

The 30-minute chart also shows that over the past three days the 0.00199 level has become an area of interest. Since yesterday, price hasn’t been able to trade under 0.00199 for any significant length of time. Each time price slips underneath this level, it bounces right back within a few hours. There seems to be a healthy amount of demand even though price is nearing the big resistance level at 0.0021!

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

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…

1 hour ago

Top 5 Best Crypto Presales to Grab Now: Don’t Miss These December Week 1 Gems

The crypto market is a buzz with promising presales as 2024 draws the curtains. With…

1 hour ago

Cheems Surge On BSC Network: A Rising Star With Growing Market Value

The Cheems token on the Binance Smart Chain (BSC) is gaining significant momentum, surging by…

10 hours ago

Lester Token Crashes 40% Following Official Announcement

The value of $LESTER plummeted by 40% in the past 24 hours, leaving its market…

10 hours ago

From $30K To Millions: The Wild Journey Of $Quant And Xiaohaige’s Memecoin Stunts

In a bizarre turn of events, a young live-streamer known as Xiaohaige created the memecoin…

10 hours ago

Whale “convexcuck.eth” Makes Bold $CVX Move, Nets Significant Profit Amid Price Surge

The crypto whale known as "convexcuck.eth" has made waves in the DeFi world, spending $2…

10 hours ago