Monero (XMR-USD) : has been a long journey down the channel, since that peak on March, nothing has been green here..The anonymous coin that launched a new way to pay the black markets, has turned RED!
Troubles over and ready to jump up to bullish territory? let's talk about it..
Why are we so interested on XMR? it has a reputation, many transaction are actually real payment between people and thats a huge must, is not just speculations, it is the real purpose of a coin,
the coin is at the moment present on 93 Crypto exchanges (coinmarketcap.com/currencies/monero/) and that's quite interesting as well as makes it a very popular coin (ranked 10th)
The technical analysis on the other side is not that great:
Huge resistance at 150$ makes it almost impossible to jump out without expecting some battles at those levels, but the increase on Volume on 1st sept could be a possible Descending Triangle ends, that could allow Bulls to push till 150$, but then indicators as RSI shown already not too much steam (almost oversold) that's why we expect the resistance to act accordingly.
After this touch there could be interesting opportunity on the recovery of this coin. Might take time, and we recommend to watch out possible support levels at 84$ level , if support work solid and Volume increase, could be a nice opportunity to jump on the Bull side and broke the 150$ resistance, otherwise if not supported by volume a possible crash to lower level is possible.
Hope this will inspire some new ideas, don't forget to hit the like/follow button if you feel like this post was helpful, that's the best way to support us and our work.
Happy trading days
C-Monkeys
Troubles over and ready to jump up to bullish territory? let's talk about it..
Why are we so interested on XMR? it has a reputation, many transaction are actually real payment between people and thats a huge must, is not just speculations, it is the real purpose of a coin,
the coin is at the moment present on 93 Crypto exchanges (coinmarketcap.com/currencies/monero/) and that's quite interesting as well as makes it a very popular coin (ranked 10th)
The technical analysis on the other side is not that great:
Huge resistance at 150$ makes it almost impossible to jump out without expecting some battles at those levels, but the increase on Volume on 1st sept could be a possible Descending Triangle ends, that could allow Bulls to push till 150$, but then indicators as RSI shown already not too much steam (almost oversold) that's why we expect the resistance to act accordingly.
After this touch there could be interesting opportunity on the recovery of this coin. Might take time, and we recommend to watch out possible support levels at 84$ level , if support work solid and Volume increase, could be a nice opportunity to jump on the Bull side and broke the 150$ resistance, otherwise if not supported by volume a possible crash to lower level is possible.
Hope this will inspire some new ideas, don't forget to hit the like/follow button if you feel like this post was helpful, that's the best way to support us and our work.
Happy trading days
C-Monkeys