“TRADERMAN”, a cryptocurrency writer for BTCfeed.net and Founder of Razor’s Forex Trading Blog, has recently prepared another Techincal Analysis for Monero.
In my last technical analysis Monero article, I pointed out that if the the market was to approach the 0.0024 price pivot zone again – that this particular area may act as strong resistance. On May 10th, the market bumped up against the 0.0024 level and promptly reversed. The Monero exchange rate is currently hovering at a very critical juncture yet again, the 0.002 support zone. The 0.002 level was used as support on the 29th of April, and another few times as support between the 5th and 6th of May.
Price is also currently being supported by a trend-line that has formed since the market started up-trending around the 8th of May. Unless the market manages to break down and close underneath the trend-line and the 0.002 price support area, the path of least resistance seems to be up at this point.
Read full article: http://themerkle.com/speculation/monero-technical-analysis-for-5112015/