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
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.
In a landmark decision that reshapes U.S. trade policy, the Supreme Court of the United…
The global stablecoin market is entering a new phase of recalibration as the circulating supply…
The tokenized equities sector is accelerating rapidly, and xStocks has now crossed a defining milestone:…
Coinbase-incubated Layer 2 network Base is entering a new phase of its development, moving toward…
Zora has officially launched its new “attention market” on the Solana blockchain, marking a bold…
The XRP Ledger has introduced a new on-chain trading framework that signals a notable shift…