- XRM/USD keeps trading in a range
- Bearish momentum persists
- A stronger dollar pressures most cryptocurrencies
Bitcoin rallied at the start of this week, triggering much-needed enthusiasm among crypto investors. However, the so-called “crypto winter” is still visible in other crypto markets, such as XMR/USD.&
Monero failed to capitalize on Bitcoin’s strength. Some other times, whenever Bitcoin rallied, other cryptocurrencies followed.&
Only this time is different. Therefore, one may argue that other cryptocurrencies lag and will jump, too, following Bitcoin’s lead. But another take is that Bitcoin gains will disappear, and a stronger US dollar will emerge.&
One thing is for sure, though &- Monero’s technical picture is not encouraging.&
The one-year-long range keeps Monero at bay
Monero’s underperformance this year might be viewed in two ways &- one bullish and one bearish.&
The bullish view is that Monero is building energy, forming a contracting triangle that will break to the upside. And, on its way up, the market will break horizontal resistance given by the previous support area.&
The bearish view is that the one-year-long triangle is a bearish continuation pattern. If that is the case, the US dollar will keep gaining against its fiat peers and cryptocurrencies.&
$100 and $200 are key levels to watch for XRM/USD. Until any of them is broken, the range might continue still.&
The post Monero fails to build on Bitcoin’s momentum; one-year range holds appeared first on CoinJournal.
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