In my previous Monero technical article I pointed out the importance of the 0.0027 area and the possibility of this level to continue acting as resistance. The market unsuccessfully attempted to break above 0.0027 on the 19th, and as a consequence, the 0.0027 level is now a triple-resistance zone.
After failing to break above 00027, the market also broke underneath yet another significant technical level: 0.00225. This area has acted as support a total of six times this month. The market slipped underneath 0.00225 yesterday and this pivot zone has already started to act as resistance.
Price is now sandwiched between two big pivot zones; 0.00225 on the top end; 0.0021 on the low end. The 0.0021 area has an extensive history. Towards the end of February – just before the bull market that started on the 2nd of March – 0.0021 acted as resistance on two occasions. This area also acted as support during the big sell-off that started on the 8th of April. If Monero breaks under this pivot too, then more selling is very likely to follow. The 0.0021 area is currently the most important pivot zone on the chart.
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.
