Monero (XMR)
Monero Market Cap: $2.16B
Circulating Supply: 16.12M XMR
Max Supply: 0 XMR
Volume (24h) $36.49M
Technical Analysis
The cryptocurrency could extend the sell-off in the upcoming period after the crucial breakdown. The rate passed below a major support area signalling that the bears are in full control. Right now it remains to be seen if the rate will come back to retest the broken zone or it will drop further without a rebound.
Monero drops as all the major cryptocurrencies have started another bearish momentum. The crypto market could resume the major downtrend.
You can see that the rate has made a valid breakdown below the first warning line (WL1) of the ascending pitchfork, it has retested the lower median line (lml) of the other ascending pitchfork and now is trading much below the 150.00 psychological level.
It has also retested the uptrend line failing to close on it, so the current drop is natural and was expected. If you read the latest trade setup on this crypto, you’ll notice that I’ve talked about a significant drop after the rate will make a valid breakdown below the 150.00 level and below the 145.810 low.
XMR/USD could be attracted by the confluence area formed between the 250% Fibonacci line (descending dotted line) with the 150% of the ascending pitchfork.
Conclusion
If you want to go short on this you should place your Stop Loss above the 177.78 high. Personally, I still believe that the rate could move towards the first warning line (wl1) of the minor descending pitchfork. A further drop will be confirmed only by a valid breakdown below the 250% line and below the 150% lines.
