At one point in time, Monero was one of the best performers in the T10. However, in the last few weeks, the XMR / USD pair has been stagnating in terms of its performance. So, we're going to go ahead and take a quick look at it right now and see if we can figure out what's going on.
Let's see this chart looks like when we overlay our moving Fibonacci indicator on it:
As we can see froom the picture above, the Fib level (support) directly below where the price action is here also coincides with the proposed trendline support as well.
Zerononcense Double Guppy
For those that are unfamiliar with the ZN Double Guppy, the way it works is like this:
1. The 'normal' price range is determined when the price travels through the middle of the indicator.
2. When the top lines shows green, that means its trending upward; when they are turquoise, they are ambiguous.
3. When the bottom lines are red, that means its trending downward; when they are purple; there is no trend.
4. The top and bottom rarely show an ambiguous signal together (it has never been witnessed personally, but this circumstance does exist).
5. Whenever the price is outside of the orange channel, that usually signals an impending reversal from whichever point is it at.
Since the price of Monero is near the bottom point of the ZN Double Guppy, it is very likely that in the future, there will be some sort of reversal. Now, as to where and for how long; that is still in question.
Relative Strength Index(14)
It would be a lie to assert that there are no concerns (or that there should not be any) about the RSI(14) on the daily chart here.
The abrupt fall in the RSI(14) on the daily resolution occurred a day or two before the overall downturn in the markets.
However, this does not bar the establishment of a trendline with the RSI(14).
See below:
Conclusion/Verdict
Its hard to make any definitive forecasts on the price action on Monero. There are no crazy fundamnetals that would be driving the price up or down right now; so, we only have price action to rely on.
However, it is worth noting that the price has been on the way up since August 14th (no matter how erratic that ‘up’ has been). Thus, there is a chance that Monero may continue its path after bouncing off of the lower trendline support that we identified above.
In either case, this is one of those coins that is worth setting an alarm on to monitor its future price movement.
Contingent on how the price reacts to the trendline in the coming days, we will be able to formulate more ideas on what good trades can be placed on the protocol.
Disclaimer: None of the above should be considered to be trading advice. I am not a financial advisor. I do not have a position in Monero or any of its competitors and I was not paid by any party to curate this article. The outcome of Monero has absolutely no effect on my financial status; positive or negative.
Let's see this chart looks like when we overlay our moving Fibonacci indicator on it:
As we can see froom the picture above, the Fib level (support) directly below where the price action is here also coincides with the proposed trendline support as well.
Zerononcense Double Guppy
For those that are unfamiliar with the ZN Double Guppy, the way it works is like this:
1. The 'normal' price range is determined when the price travels through the middle of the indicator.
2. When the top lines shows green, that means its trending upward; when they are turquoise, they are ambiguous.
3. When the bottom lines are red, that means its trending downward; when they are purple; there is no trend.
4. The top and bottom rarely show an ambiguous signal together (it has never been witnessed personally, but this circumstance does exist).
5. Whenever the price is outside of the orange channel, that usually signals an impending reversal from whichever point is it at.
Since the price of Monero is near the bottom point of the ZN Double Guppy, it is very likely that in the future, there will be some sort of reversal. Now, as to where and for how long; that is still in question.
Relative Strength Index(14)
It would be a lie to assert that there are no concerns (or that there should not be any) about the RSI(14) on the daily chart here.
The abrupt fall in the RSI(14) on the daily resolution occurred a day or two before the overall downturn in the markets.
However, this does not bar the establishment of a trendline with the RSI(14).
See below:
Conclusion/Verdict
Its hard to make any definitive forecasts on the price action on Monero. There are no crazy fundamnetals that would be driving the price up or down right now; so, we only have price action to rely on.
However, it is worth noting that the price has been on the way up since August 14th (no matter how erratic that ‘up’ has been). Thus, there is a chance that Monero may continue its path after bouncing off of the lower trendline support that we identified above.
In either case, this is one of those coins that is worth setting an alarm on to monitor its future price movement.
Contingent on how the price reacts to the trendline in the coming days, we will be able to formulate more ideas on what good trades can be placed on the protocol.
Disclaimer: None of the above should be considered to be trading advice. I am not a financial advisor. I do not have a position in Monero or any of its competitors and I was not paid by any party to curate this article. The outcome of Monero has absolutely no effect on my financial status; positive or negative.
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Twitter = twitter.com/librehash
Website = librehash.org
GIt = git.librehash.com
Docs = docs.libreahsh.com