Monero has had a very tough time getting under 0.001 during December. This area has now propped-up the market about six times since the beginning of the month. The longer price stays above/around 0.001, the higher the odds of a violent breakout. So, is the market giving any hints? I believe so!
The 4-hour chart is showing a very clear MACD(Moving Average Convergence Divergence) divergence. This means that selling momentum has been weakening since the 8th of December. The formation of divergence is an early warning sign that market sentiment may be about to shift.
If Monero rallies over the next few days, the 0.00115 area is very likely to come into play. This pivot zone acted as support about three times during most of November. Price then broke underneath 0.00115 on the 26th, and this level then turned into resistance. The market has reversed several times off the 0.00115 area during December, so I would assume that this level is very likely to act as resistance again.
Disclaimer: This is not trading/investment advice!
Chart Source: https://poloniex.com/exchange#btc_xmr
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