Just as I theorized in my prior Monero technical analysis article; price rallied right off the 0.001 support zone and also managed to break through the big resistance zone at 0.00115. Since closing above this pivot on the 14th, the market has used 0.00115 as support about three times this week. This pivot zone is a very significant and the price action here will determine the future direction of the market
Although you can’t see it on the 4-hour chart, the 2-hour chart is showing a descending triangle formation. Price seems to be getting compressed towards the 0.00115 pivot area. This can only mean one thing: lack of buyers. If price slips under 0.00115, then another plunge back to 0.001 becomes very likely.
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,…