Monero (XMR)
Market Cap: $2.16B
Circulating Supply: 16.12M XMR
Max Supply: 0 XMR
Volume (24h) $36.49M
XMR/USD = $132.77
Technical Analysis
XMR/BTC dropped sharply today but failed to reach the 0.01950010 yesterday’s low. It is expected to drop further as the Head and Shoulders pattern is confirmed now. The price has increased a little in the short term, but it was only a temporary rebound. The crypto is on a declining path in the short term and maybe you can still go short on it.
The rate is pressuring a dynamic support, so a valid breakdown will confirm a further drop towards the next downside targets.
XMR/BTC dropped again below the upside 50% Fibonacci line (descending dotted line) of the descending pitchfork but it remains to be seen if this will really be a valid breakdown or if we’ll have another false breakdown.
You can see that the 50% Fibonacci line acts like a very strong dynamic support and has rejected the rate in the last weeks. A valid breakdown will confirm a further drop towards the median line (ML) of the descending pitchfork and towards the major uptrend line.
The failure to reach and retest the upper median line (UML) of the descending pitchfork has signalled a high selling pressure. It has broken below the lower median line (lml) of the black descending pitchfork.
Conclusion
Right now we don’t have a great selling opportunity but only because the sell-off has already started, but you could still go short if the rate will close above or if it will stabilise below the 50% Fibonacci line. The next major target will be at the uptrend line.
