The importance of the 0.00225 pivot was outlined in my last Monero technical article – the one on the 22nd of April – and the market is continuing to respect this price level. Since the April 22, the 0.00225 area has been used as resistance about five times.
Actually, if we drill down to the 15-minute chart on the 2nd of May, it can be clearly seen that the 0.00225 area prevented the market from break higher about three times!
The other pivot zone to watch, which I also mentioned on the 22nd of April, is 0.0021. On April 25, the Monero exchange rate slipped underneath 0.0021 and price has spent the last 10 days trading underneath this pivot area. Price did briefly break above 0.0021 on the 3rd of May, but for the most part, the 0.0021 has been used as resistance; four times to be more precise.
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.
TRON ended November as the top blockchain by fees, extending its dominance in payment infrastructure…
Prediction markets just locked in another breakout month. November closed with $14.3 billion in total…
Trust Wallet is stepping into a completely new lane. The CZ-owned self-custody wallet has launched…
Kraken has announced the acquisition of Backed, the tokenization platform behind some of the fastest-growing…
Sui Pauses & AVAX Rebounds While Zero Knowledge Proof’s 200M Daily Presale Auction Goes Live,…
Europe just shut down one of crypto’s longest-running shadows. Germany and Switzerland, backed by Europol,…