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
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