Monero Technical Analysis for 05/23/2016 – Price Bouncing Around Established Pivot Zones

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

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