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MONERO – ALTCOIN CHART ANALYSIS

 


Monero (XMR) has been in a sideways phase for a few weeks now. However, the trading volume remains high for weeks. This indicates a lot of accumulation.


We are currently trading around $150 below the 4H-EMA ribbons and the 200-EMA and 200-SMA (last 200 moving averages/purple). However, this must be broken through.


After XMR also saw a hard dump earlier in the week, we could yet fill it in and see a recovery to around $160 before finally deciding whether to break out to the upside or down.




Unfortunately, we do not see any decisive directions on the daily chart. Most recently, we were rejected at the former Uptrend. This initially points to further consolidation.


As long as we can hold the area around USD 140 and do not trade below it for several days, the sideways phase could continue for the time being.


In a bearish case, we should note the area around USD 123 – 126. That's where the Golden Pocket is (0.618 - 0.65 Fib. Level) Here we should get a counter reaction at the latest in order to get new impetus to the top.

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