MONERO (XMR/USD) - It Looks Bad!
Monero has a break below the major counter trendline which is not a good sign! On the 4h chart, it trades below the 200EMA and makes pretty 'heavy' steps downwards compared to others.
Technically, if the Bitcoin makes another leg downwards then XMR would drop like a stone because there are some support levels but nothing significant until the red box at $104.
Basically, we have a breakout downwards from the triangle, break below the EMA's plus Bitcoin makes moves downwards so, better stay out from Monero because if it drops, it drops pretty heavily! We don't give to You any bullish targets because technically the Monero is in pretty bad shape. The market has to make a pretty big turn upwards then we could come back and watch it again but currently, stay away!
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Hopefully, this analysis helped You out a little bit to confirm your own analysis and if You appreciate what we do here then hit the LIKE button!
Best regards!
Technically, if the Bitcoin makes another leg downwards then XMR would drop like a stone because there are some support levels but nothing significant until the red box at $104.
Basically, we have a breakout downwards from the triangle, break below the EMA's plus Bitcoin makes moves downwards so, better stay out from Monero because if it drops, it drops pretty heavily! We don't give to You any bullish targets because technically the Monero is in pretty bad shape. The market has to make a pretty big turn upwards then we could come back and watch it again but currently, stay away!
If You are interested in the latest cryptocurrency news, coin reviews and breaking stories from the world of blockchain then visit our website! (The LINK is on the profile)
Hopefully, this analysis helped You out a little bit to confirm your own analysis and if You appreciate what we do here then hit the LIKE button!
Best regards!
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