Technically. XMR/ETH broke above bull flag resistance and has tested to trade below but failed on multiple occasions.
In terms of relative strength amongst the cryptocurrency sphere, ETH has underperformed on the back of vulnerabilities within MEW but more-so likely due to a squeeze by market makers, takers, and whales.
With the sheer multitude of cryptocurrencies available for trading, its easy to lose focus on the underpinning fundamental foundation that cryptocurrencies, moreso BTC, were built on - anonymity, decentralization, and thus the currency of choice beneath the clearnet.While BTC remains the staple of payments for non-clearnet marketplaces, XMR has been adopted as the Mastercard of the deep web as it stays true to the fundamental framework of the cryptocurrency market.
TRADE SETUP: 5 to 1 risk:reward for longsBINANCE:XMRETH
XMR Longs at current levels with stops around the 0.27 figure and take profits around 0.3170 provides close to a +5:1 risk reward play.
In terms of relative strength amongst the cryptocurrency sphere, ETH has underperformed on the back of vulnerabilities within MEW but more-so likely due to a squeeze by market makers, takers, and whales.
With the sheer multitude of cryptocurrencies available for trading, its easy to lose focus on the underpinning fundamental foundation that cryptocurrencies, moreso BTC, were built on - anonymity, decentralization, and thus the currency of choice beneath the clearnet.While BTC remains the staple of payments for non-clearnet marketplaces, XMR has been adopted as the Mastercard of the deep web as it stays true to the fundamental framework of the cryptocurrency market.
TRADE SETUP: 5 to 1 risk:reward for longsBINANCE:XMRETH
XMR Longs at current levels with stops around the 0.27 figure and take profits around 0.3170 provides close to a +5:1 risk reward play.
