Monero fell below the descending trend line
Monero fell below the descending trend line confirming the downtrend. Monero price crossed the Ichimoku cloud during the American session and a couple of support line within the Asian session. XMR/USD is below the support line at 214.54 area. We think that Monero is going to test this level in the next couple of hours. The currency pair looks to start a correction at least.
There are two scenarios here. XMR price may return to 214.54 area, test it successfully and go higher. Bulls will have an opportunity to reach the next resistance level at 219.70 area. This may happen today. The next target for the buyers is the descending trend line in the case. However, to reach all those goals, bulls need a deep correction at least.
Bears scenario will be available in case of failure of the current resistance line test. XMR/USD is likely to fall further towards 204 area as there are no clear supports on the way (they may appear, however).
As for the daily chart, XMR/USD continues to fall towards the lower border of the Ichimoku cloud. The closest midterm support lies within the 204 area (coincides with the closest hourly short-term support line).
Monero price is far from the long-term descending trendline meaning bears have total control over the market.
Check the full crypto analysis HERE
There are two scenarios here. XMR price may return to 214.54 area, test it successfully and go higher. Bulls will have an opportunity to reach the next resistance level at 219.70 area. This may happen today. The next target for the buyers is the descending trend line in the case. However, to reach all those goals, bulls need a deep correction at least.
Bears scenario will be available in case of failure of the current resistance line test. XMR/USD is likely to fall further towards 204 area as there are no clear supports on the way (they may appear, however).
As for the daily chart, XMR/USD continues to fall towards the lower border of the Ichimoku cloud. The closest midterm support lies within the 204 area (coincides with the closest hourly short-term support line).
Monero price is far from the long-term descending trendline meaning bears have total control over the market.
Check the full crypto analysis HERE
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