Just as I theorized in my prior Monero technical analysis article; price rallied right off the 0.001 support zone and also managed to break through the big resistance zone at 0.00115. Since closing above this pivot on the 14th, the market has used 0.00115 as support about three times this week. This pivot zone is a very significant and the price action here will determine the future direction of the market
Although you can’t see it on the 4-hour chart, the 2-hour chart is showing a descending triangle formation. Price seems to be getting compressed towards the 0.00115 pivot area. This can only mean one thing: lack of buyers. If price slips under 0.00115, then another plunge back to 0.001 becomes very likely.
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…