The upward momentum that Monero experienced during the beginning of November has now dissipated. Price has broken underneath a very significant pivot zone. In my previous Monero technical analysis article on the 9th of November, I elaborated on the technical significance of the 0.00122 level. This pivot has now propped-up the market about three different times this month, but price managed to close underneath this area yesterday. The 0.00122 has now turned into resistance.
Unless the market reverses its bearish momentum and manages to crawl back up above 0.00122, the most likely course of action is a continued drop to towards the double lows at 0.00107. This level halted the downtrend and the start of November, so this area is very likely to act as support again.
Disclaimer: This is not trading/investment advice!
Chart Source: https://poloniex.com/exchange#btc_xmr
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