Technical Analysis and Market Entry: XMR/USD Could Half In Price Within The Near-Term

Monero

The Monero (XMR) price has recently taken a bounce, after being firmly within the control of the market bears. It had been falling for four consecutive weeks, following a deadly bearish evening star formation at the close 10 February week. The price dropped from heights of $96.00, which at the time was the highest seen since August 2019. XMR/USD was recently forced down to depressed levels of $25; a price last traded at in July 2017.During the current bear market, Monero has given up all of the 2020 gains, following such an impressive start to the year. XMR/USD had initially commenced down at $43, after finding a substantial area of demand late in 2019. The bulls were able to drive the price up to heights of $96, a decent gain of 120%. It smashed out to the upside from a descending channel structure, which had been containing the price. Price…

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