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.
The coin broke the upper trend line of the last week ascending triangle which led to uptrend movement towards the distribution territory of $151.