Monero has formed the “Ascending Triangle” pattern, which connotes an upward breakout. Should the strong distribution level of $110 get broken, the pair will experience upward movement and get exposed to another strong distribution level at $120.
Key Highlights:
- There is confirmation of an Ascending Triangle Pattern in the Monero daily and 4-H chart;
- there is a probability of a breakout at $110 this week;
- traders are advised to speculate only on what they see.
XMR/USD Long-term Trend: Bearish
Distribution Territories: $110, $120, $130
Accumulation Territories: $70, $60, $50
Distribution level of $110 has been tested by the coin, and a bearish retracement is possible (which is supposed to be temporary). The cryptocurrency is presently ranging within the Ascending triangle pattern. Should the strong distribution level get broken, the pair will experience upward movement and get exposed to another strong distribution level at $120. The MACD, with its histogram above the zero level, and the signal lines pointing upwards, indicates that the price may break out at distribution territories of $110.