Market Commentary [XMR]
Its been quite a week for Monero with regard to price appreciation and volume. After falling below the critical 0.001 level once again a few weeks ago it looked bleak for the most interesting anon coin on the scene in our opinion. However, as they say, “things are always darkest before the dawn”. Following a textbook double bottom that held on significant volume, the all clear signal was waved for the bulls and they moved into the market en masse. In fact, over the past 24 hours, XMR has the highest trading volume of any altcoin. Combine this kind of trading volume with with a relatively small market cap and we see that Monero actually is one of the most liquid alts in terms of trading that exists in the altcoin complex at the time being. This makes it suitable for speculative trading.
Market Analysis [XMR]
Taking a look at the 3day chart we can see that this move might just be getting underway despite a 50% rally in the past 7 days. The double bottom is a thing of beauty, especially since both were followed by substantial volume breakouts. Additionally, OBV and Acc/Dist say that a period of accumulation has begun, RSI and Williams %R say that conditions are not even close to overbought in the medium term, and the institutional EMA’a are about to turn bullish. The only hurdles currently standing in the way of another explosive price and volume breakout is the 50 day MA at 0.0016 and the Ichimoku Cloud bottom at 0.0019. If that crucial 0.0019 level is broken, then all bets are off up to the 0.003 area.
Shorter term the price is pulling back and consolidating after hitting a new local high at 0.00169 early today. At this time, we think it is simply another bull flag or pennant (hard to tell which it will be atm) that could push prices back down into the 0.0014 to 0.00145 range, although we expect the bullish move to resume following this consolidation period. If this support area fails, then we think 0.00125 would be a great long entry point if you have missed the move up until now.
That’s all for now. Stay tuned for more updates…!
Crypto BullBear Weekly Watchlist:
- Monero (XMR)
- IOCoin (IOC)
- BitMark (BTM)
- XCurrency (XC)
- VeriCoin (VRC)
-NeosCoin (NEOS)
Cheers,
@AKWAnalytics
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