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
The coin broke the upper trend line of the last week ascending triangle which led to uptrend movement towards the distribution territory of $151.
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.
Taking long trades is not advisable at the moment because the long-term trend is bearish, and the bearish pressure may continue for some time.
XMR continues its downward trending after breaking of $130 distribution level, the pair will experience further downward movement and get exposed to another strong accumulation level at $55.
Monero has been trending downwards for months, thus only a radical fundamental event can forcefully bring about a significant rally in the market.
XMR Wallet is one of the few wallet platforms which conducted a third-party audit and published its results publicly. All the issues found are already resolved.
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