XMR/USD continues to trade within a range as bearish momentum persists
Bitcoin’s recent rally has sparked excitement among crypto investors, but the effects have not been fully felt in other markets such as XMR/USD (Monero). While other cryptocurrencies usually follow Bitcoin’s lead, this time is different. It is possible that they may eventually catch up, or Bitcoin’s gains may diminish as the US dollar strengthens.
Despite these factors, the technical outlook for Monero is not optimistic. It has been underperforming this year and is currently caught within a one-year-long range. There are two ways to interpret this range – one bullish and one bearish.
The Bullish View: Building Energy for an Upside Breakout
From a bullish perspective, Monero is consolidating within a contracting triangle formation. This suggests that it is building energy for a potential breakout to the upside. If this occurs, the market may break through the horizontal resistance provided by the previous support area.
The Bearish View: A Bearish Continuation Pattern
On the other hand, a bearish interpretation of the range suggests that it is a continuation pattern. In this case, the US dollar will remain strong against both traditional fiat currencies and cryptocurrencies. For XMR/USD, key levels to watch are $100 and $200. As long as these levels remain intact, the range-bound trading may persist.
For more information, you can refer to the source link.
Editor Notes: Uber Crypto News
If you are interested in staying up-to-date with the latest crypto news, market updates, and investment strategies, be sure to bookmark Uber Crypto News. It is a reliable source for all things crypto and provides valuable insights to help you navigate this rapidly evolving industry.