Although the title of this article, "Gloomy Outlook on Monero"
, left little room for interpretation on our viewpoint of this coin, the contents gave a very specific outline of our expectations. In fact, we not only identified that a crash was near, but gave explicit levels for what to expect and where we could anticipate support. The level we called out, $106, was smashed with ease, though it looks like we were a little to ambitious with our second profit target at $96. Indeed, we anticipated Monero to break the $100 handle before a correction and then another bear push. Although XMR does seem to be rebounding slightly, this happened a tad sooner than we anticipated at $102.19 or so. This level is becoming increasingly more consistent and reliable and must be noted in further analysis. Again, the small rally we see at current prices is probably nothing more than a relief rally, before another move at some point, though more consolidation should be expected beforehand. Gone are the days when cryptos would smash through multiple levels in one shot. If XMRUSD continues its descent, watch for $96. Then, there is a vacuum zone down to $80, so exercise caution if you're considering an attempt to catch this knife. If for some reason, XMR can muster a rally, it will face formidable resistance at $107.216 and $113.50.
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