Monero hit a high of 0.00151114 on November 11, and price has been sliding since that day. However, the first signs of a potential trend reversal materialized today. The 0.00106 area – which has been used extensively by the market as support/resistance over the past two weeks – was broken to the upside today. This pivot area is now acting as support again. Further upside price action may follow in the next few days, if 0.00106 holds as support.
Another reassuring sign is the fact that a trend line was also broken today. A similar confluence of events occurred on Ethereum last month, when a trend line and a major pivot zone, were broken simultaneously, which then triggered a trend reversal. Of course there is no guarantee that the same thing will now happen on Monero, but there is a great deal of similarity.
Disclaimer: This is not trading/investment advice!
Chart Source: https://poloniex.com/exchange#btc_xmr
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