Monero is trading at $49.45 on Feb 28, slightly declining, says Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
For Monero price to break out from this bound range zone, a radical fundamental event is needed; there is a probability that the coin will break the accumulation territory of $97 downside and the coin may have the low accumulation territory $86 as its target.
In case the distribution territory of $111 hold and the bears increase their pressure, the accumulation territory of $97 will be broken and Monero will resume downtrend movement.
In case the distribution level of $111 is broken up, the pair will resume its uptrend movement and upper distribution territory of $119 will be exposed.
There is a probability for the downward movement this week; traders should follow the trend patiently.
In case the distribution level of $128 is broken, the pair will resume its uptrend movement and upper distribution territory of $140 will be exposed. A breakout at the upper area or breakdown at the lower area is imminent, so traders should be patient when taking a trade.
Trading can be done within the range by lookout for the opportunity to initiate a buying trade at a lower level of price and selling trade at a higher level as the price continues its ranging within the territories of $128 and $102.
The price continues its ranging within the territories of $150 and $102. Traders can look out to initiate a long trade at the lower level of price in case of the price fall to the lower level of the price range.
Should the strong accumulation level of $102 get broken, the pair will experience further downward movement and get exposed to another accumulation level at $77