Monero Analysis – 150 USD is near

As we wrote in the piece about Golem, Wednesday is good for the traders on the altcoin market. Some of the instruments climb even 20% higher and some of them, like Monero here, are around zero. This is probably due to the fact that the technical situation here does not encourage to any buying activity whatsoever.

XMR has a legitimate sell signal and we have much higher chances of going even lower than we are now. Technically, we are under the influence of the bearish breakout from the long-term symmetric triangle created at the end of the last year (green and black lines). Breakout happened at the end of the month and at the beginning of April, the price tested the recent support as a closest resistance. Successfully of course, that is why, we do have a legitimate sell signal here.

As for the potential targets, we see here the 150 USD support (red) so lows from the 6th of February, 22nd of December and 29th of November. Looks strong and significant, that is why, we think that the gravity will do the job and this area will be eventually tested.