Monero rebound undone by Bitcoin and Ether
Last week, it was noted here that Monero (XMRUSD) has set up a support point after forming a double bottom just below 195. That configuration had come after a drop to as low as 172.84 at start of the week late on Monday evening. The subsequent recovery took it back above 220 and then on Friday it formed that base just below 195. The price then struggled to make any headway to extend beyond 220. That was until another spike earlier today, that took it above 225 after it has stalled on the downside beforehand at 199. However, it has now been undone once again by both Bitcoin and Ether falling back this afternoon. The losses in the those two helped to send Monero back below 205 a short while ago. Hence it is still sideways within a wider 190-230 range. Right now the downside does look more vulnerable, but clearly its life is not its own to control at the moment. The price action is sticky around 205 this evening too, and that could be due to the fact that this price point is right on the 21 day moving average, currently at 205.45. XMRUSD is currently trading at 206.80
Tags
Exchange BTC
Try our Bitcoin Cloud Miner and get additional crypto rewards based on your trading volume. It's immediately available upon registration.
Try our Bitcoin Cloud Miner and get additional crypto rewards based on your trading volume. It's immediately available upon registration.