Monero Technical Analysis for 03/24/2016 – Market Trading Above Key Pivot Level 0.0032

After the big break-out at the beginning of March, Monero traded in a sideways market for most of this month. The 0.0032 price level has acted as resistance four times since March 9. Price finally broke above 0.0032 on the 20th, and when the market retraced down to this area again yesterday, the 0.0032 acted as support twice. This price level is now a major pivot zone and if price slips underneath this level again, another sell-off down to the big support area at 0.0025 will probably take place.

Monero-technical-analysis-Mar24

The 0.0025 level has acted as support about six times since the beginning of the month. If price descends to this level at some point in the future, 0.0025 will most certainly act as support once again. So, this level should be market on every trader’s chart!

Monero-technical-analysis-Mar24-3

While the bigger time frame charts don’t show the 0.0034 level as being significant, the 15-minute chart shows that 0.0034 has been a very hotly-contest zone in the past several days; three times as resistance; four times as support.

Monero-technical-analysis-Mar24-2

 

Disclaimer:  This is not trading/investment advice!

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

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