The two pivot zones – 0.0021 & 0.00225 – that I outlined in several prior analyses (05/05/2016 and 04/22/2016), are continuing to exert their influence on the Monero exchange rate. On the 20th, the market managed to make it above 0.0021, and this area served as support about four times, before the market made it under this level again, today.
Between Saturday and Sunday, the 0.00225 pivot also acted as resistance three times. Since the start of May, the 0.0225 area has acted as resistance about four times. There just hasn’t been sufficient momentum to vault price above this iron resistance level. This area, along with 0.0021, should be watched by every Monero trader.
Since the end of August, the 0.00195 level has also become an important pivot zone; acting as support on the 29th of April; multiple times as resistance between May 8th-18th. Given the extensive history of 0.00195, I would not be surprised to see this pivot zone acting as support at some point.
Disclaimer: This is not trading/investment advice!
Chart Source: https://poloniex.com/exchange#btc_xmr
If you liked this article follow us on twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
As the blockchain ecosystem continues to evolve, modular blockchains are emerging as a promising frontier,…
MetaMask wants its own stablecoin. It’s calling it MetaMask USD (mmUSD). And if the recent…
Spartan’s $250K Lambo Challenge Tops 2025’s Crypto Gambling Prize War with Stake & Betway Crypto…
SharpLink is leaning hard into Ethereum. They buy. They stake. They hold. Ethereum currently trades…
After months of consolidation, Cardano (ADA) is regaining investor attention thanks to renewed forecasts projecting…
Whales are back—and this time, they’re not making noise. Despite the relative calm in prices,…