Monero appears to be on a bearish trajectory towards the upper $140.00 area as the crypto market took a break from its aggressive recovery from last week. XMR tapped a high of $166.90 last week, where the price came into contact with my long-term bullish channel, prompting a correction.
That said, the privacy blockchain cryptocurrency is locked on touching the $150.00 low in the coming days. On a larger time frame (daily stochastic indicator) the bearish correction seems warranted, considering the price has wandered too far into overbought conditions. Regardless, I do not see the ongoing bearish correction extending below the $146.00 mark, the projected base of my channel, before a bullish rebound kicks in.
Meanwhile, my resistance levels are at $160.00, $165.00, and $170.00, and my key support levels are at $150.00, $146.00, and $140.00.
Total Market Capitalization: $1.07 trillion
Monero Market Capitalization: $2.95 billion
Monero Dominance:0.27%
Market Rank: #26
That said, the privacy blockchain cryptocurrency is locked on touching the $150.00 low in the coming days. On a larger time frame (daily stochastic indicator) the bearish correction seems warranted, considering the price has wandered too far into overbought conditions. Regardless, I do not see the ongoing bearish correction extending below the $146.00 mark, the projected base of my channel, before a bullish rebound kicks in.
Meanwhile, my resistance levels are at $160.00, $165.00, and $170.00, and my key support levels are at $150.00, $146.00, and $140.00.
Total Market Capitalization: $1.07 trillion
Monero Market Capitalization: $2.95 billion
Monero Dominance:0.27%
Market Rank: #26