Hi friends! I'd like to welcome you to this update analysis, on Monero! If you recall from my last XMR post, from two days ago, XMR was trading at $360. Today, it's around $309! That's a 16% fall, since the bearish
projections I published in my last analysis. Currently, we can see that XMR is in a state of free fall. It has penetrated the 38.2% retrace, but it could find support as it approaches the red dashed support level
. Slightly below that, XMR has the 50% retrace, and then the bottom of the falling pink channel. We can see that the MACD
continues to print expanding sell-side momentum, but the volume
isn't terribly high at this point. It's actually only average at the moment. Regardless, the bears are clearly in control right now. Look for continuation selling to ensue. However, pay close attention to the support levels that I mentioned. Any one of them could be reactionary. Monero's XMR is highly volatile, so a sharp V bottom, paired with a shift in momentum, could be an indication that a reversal is taking place. Stay safe traders!
This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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