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Monero analysis

Monero analysis presented in this post is on a 6 hour time frame that captures over a year and 2 months of price action.

Monero market analysis, Monero chart analysis

The sideways price movement is best described in this analysis as a symmetrical triangle, with extremes of the chart pattern i.e. support and resistance indicated by the dark blue lines.

The most recent uptrend starting August 15, 2018 is described using a bullish channel that is tentative. A break below the channel, and also support at 0.015469 could result in price action reaching 0.013192 or lower.

However, a break above the channel at 0.022360 could see the price action test resistance at 0.032487.

Interested in Bitcoin analysis (BTCUSD)? Check out our previous work here. Moreover,  XRP price analysis (Ripple) can be found here.

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