Monero in Distress

During the last few days, things are not going well for Monero, and we note a decrease in investor interest. Having reached the mark of $300 in the middle of last week, the asset didn’t just enter a correction but also formed a descending channel.

At the time of writing, Monero is trading at $245, the 0.382 value of the Fibonacci retracement. Next comes the support zone $230-$235, where we expect a surge in buyer activity. To say with certainty that the price will not go down would be to forget the lessons that the market has repeatedly taught us. However, the probability of this is slight. Until Monero leaves the descending channel, it is too early to talk about further growth.

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