Should the strong accumulation level of $102 get broken, the pair will experience further downward movement and get exposed to another accumulation level at $77
There is a possibility for the coin to move down and test the support level of $0.015, should the bears increase their pressure, the support level of $0.015 may not hold.
Should the price break and close above the supply level of $0.30, would interrupt the current bearish phase.
Uptrend movement could be triggered in case the supply zone of $0.11 is broken; a clear break and weekly close above the supply zone of $0.11 would interrupt the bearish testing demand zone of $0.08 and the supply zone of $0.13 would be exposed.
The coin broke the upper trend line of the last week ascending triangle which led to uptrend movement towards the distribution territory of $151.
There is a probability for the price to retest the support level of $0.024 before making uptrend movement towards the resistance level of $0.031.
There could be a further bullish movement. Nonetheless, there may be a pullback towards the support level of $5.8 after which the price may continue to uptrend movement.
A clear break and weekly close below the demand zone of $0.08 would interrupt the bullish testing supply zone of $0.11 and the demand zone of $0.07 would be exposed.
The price is still in a valid bearish phase as long as it stays within the resistance level of $0.24 and the support level of $0.19. In the near future, we may expect price break out from the channel that will lead to increases in the rates.
Monero has formed the “Ascending Triangle” pattern, which connotes an upward breakout. Should the strong distribution level of $110 get broken, the pair will experience upward movement and get exposed to another strong distribution level at $120.
There is a tendency for the price to go up within the next several trading days, by making a break out towards the North at $0.024.
There is a strong possibility that price might go up this week by making a break out towards the North, but confirmation needed to long.
There may be downtrend continuation in case there is a break out of the price at the demand zone of $0.08, traders should be patient for the breakout confirmation at the upper supply zone or break down at lower demand zone before taking a position.
The cryptocurrency made some faint bullish effort that was often followed by consolidation in the market and that led to the formation of “falling wedge” pattern; this may lead to increases in the rate.
Taking long trades is not advisable at the moment because the long-term trend is bearish, and the bearish pressure may continue for some time.