Monero followed the other allies on the weekend as the price went along the local ascending trend line. XMR/USD entered the Ichimoku cloud and reached its upper border. However, the Ichimoku cloud prevented Monero from fluctuating higher and the price declined towards the lower border of the formation first and then left it crossing the lower border.
Altcoins are trading close to the support area at 196 at the time of writing of this review. There are two scenarios here. In case of appearing any reversal candlestick signal, the price is able to jump off the support and start its way towards the resistance area at 204. However, bulls will have to cross the Ichimoku cloud in order to reach their local targets.
Otherwise, Monero will develop its downtrend. The first target, in this case, lies close to Friday’s lows.
Let’s take a look at the daily chart. The lower side of the Ichimoku cloud rejected the price. XMR/USD was trying to establish the uptrend during the weekend, but as we can see it now, bears are still in control in midterm and want to push the price even lower.
Check the full crypto analysis HERE
Altcoins are trading close to the support area at 196 at the time of writing of this review. There are two scenarios here. In case of appearing any reversal candlestick signal, the price is able to jump off the support and start its way towards the resistance area at 204. However, bulls will have to cross the Ichimoku cloud in order to reach their local targets.
Otherwise, Monero will develop its downtrend. The first target, in this case, lies close to Friday’s lows.
Let’s take a look at the daily chart. The lower side of the Ichimoku cloud rejected the price. XMR/USD was trying to establish the uptrend during the weekend, but as we can see it now, bears are still in control in midterm and want to push the price even lower.
Check the full crypto analysis HERE
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.