The two pivot zones – 0.0021 & 0.00225 – that I outlined in several prior analyses (05/05/2016 and 04/22/2016), are continuing to exert their influence on the Monero exchange rate. On the 20th, the market managed to make it above 0.0021, and this area served as support about four times, before the market made it under this level again, today.
Between Saturday and Sunday, the 0.00225 pivot also acted as resistance three times. Since the start of May, the 0.0225 area has acted as resistance about four times. There just hasn’t been sufficient momentum to vault price above this iron resistance level. This area, along with 0.0021, should be watched by every Monero trader.
Since the end of August, the 0.00195 level has also become an important pivot zone; acting as support on the 29th of April; multiple times as resistance between May 8th-18th. Given the extensive history of 0.00195, I would not be surprised to see this pivot zone acting as support at some point.
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.
Velocity Ticket is trying to fix a major gap in businesses, and the approach it…
Axelar is moving fast to contain damage after identifying a security incident that has resulted…
suiUSDe now has a dedicated landing page. The token, officially the eSui Dollar, comes out…
Ventuals has fully wound down its HIP-3 DEX, and vHYPE withdrawals are now open. The…
Avalanche has launched the Avalanche Payments Collective, bringing together 28 organizations spanning nearly every layer…
A wallet tracked as 0x5f91 just opened a fresh 5x leveraged long on ASTER, putting…