A timely check in to the XMR versus USD market.
As we can see from the chart, if the downward trend continues, prices will breakthrough the bottom side of the triangle that XMR has been trading in since mid December.
Fib lines confirm this, and show XMR to have today broken through the 0.38 fib in a downward trend.
Looking at the PPO, the momentum is against the bulls at this point.
On the flipside, XMR seems to be resisting the current bear trend quite well.
We can see that the 0.5 fib has already been tested, and lightning usually strikes twice. However this could also cause a bounce up to the top trend line, where we could see the seller’s stepping in once again.
Into the days ahead, the short term support for XMR lies at 280 USD.
If price breaks through this, then medium term support will come into play at 240. After this, if downward movement continues we could test levels as low as 160 USD on the long term.
We would expect a lot of the bigger players to start showing an interest should prices go that low.