As we can see Monero has almost completely wiped out its gains recorded since the start of April. With more than 70% retracement since then the bulls will be looking at the market as open interest starts to build.
We can see a similar downtrend to other major Crypto’s, but in the case of Monero we are reaching the long term bullish trend line, which should act as some serious support for the market. With that said I will be looking at the price action in the $180 – $200 zone before going long or short on the market.
It is important to remember that we are in a bearish downtrend and it is important to trade accordingly. In situations like this I will wait to see where the market consolidates going into the weekend. The next bout of buying or selling pressure will surely determine the next move as we are getting ready to test critical support.
Should support around $180 fail I would expect quite a drop and some lower prices incoming. Monero is showing some strength against Bitcoin and it will be wise to keep an eye on XMR/BTC to see the momentum shift. Safe trades.