Monero (XMR)
Market Cap: $2.70B
Circulating Supply: 16.06M XMR
Max Supply: 0 XMR
Volume (24h) $46.72M
Technical Analysis
The XMR/BTC dropped sharply in yesterday’s trading session and most likely it has validated the Head and Shoulders pattern. You can see that the rate has moved sideways on the Daily chart, but now it has made an aggressive breakdown signaling that it could move towards fresh new lows in the upcoming period.
Technically, it should drop significantly if the chart pattern was validated. The price failed to stay above the 0.02369701 static support and now seems determined to go down as the crypto market has started an aggressive bearish movement again. All the important cryptocurrencies are moving down after a temporary rebound.
You can notice that the rate has failed to reach and retest the upper median line (UML) of the descending pitchfork signaling a high selling pressure on the short term. Right now it is pressuring the upside 50% Fibonacci line, but it most likely will close below it and will move towards the median line (ML) of the descending pitchfork.
Technically, it should drop towards the 0.013 level after the breakdown below the neckline. We’ll see what happens, but you should know that the perspective remains bearish as long as the rate stays below the UML and much below the 150% Fibonacci line.
Conclusion
The XMR/BTC is expected to drop further after the yesterday’s amazing sell-off. You can still go short on this and you can place your Stop Loss right above the 0.0257100 former high.