✴️ Monero Looks Bad | 213,309% LongTerm Support Level Challenged

8 feb

What is happening right now is bad for this pair... Monero is likely headed towards $33, sometime similar to what will happen to Binance Coin in the close future...

Good day my fellow Cryptocurrency trader, I am hoping you are having a wonderful day.

Each time I think about Monero I get images of the conversation a guy was having with Satoshi back in the early Bitcoin days. This guy was asking about certain features to make Bitcoin more private, I always get the feeling that he was a Monero coder/developer/creator, don't you think the same?

Monero (XMR) Long-Term Chart Analysis

The longest moving average we track is EMA300, Monero is currently trading below on a weekly basis.

We have important long-term, historical, support levels mapped on the chart.

➖ The main and strongest level is based on the Fib. retracement for the biggest bullish wave between early 2015 through early 2018. The 0.786 Fib. retracement level for this entire move, which produced a total of 213,309% growth, is set at $100.65. XMRUSD already wicked below hitting $99.34, on the highest bear volume since May 2022.

➖ The next support level that is relevant to us right now is the related to the bullish wave that took place from March 2020 through May 2021, we all know this one. Total growth peaked at 1,886% with the same 0.786 Fib. retracement being $131.25. XMRUSD is already trading weekly below this level...

If XMRUSD moves weekly above $140 this would be extremely positive, closing bearish below the above mentioned level can be detrimental and seeing that we have an almost 3 years long distribution phase, the fate of this pair has already been decided... I believe what we are seeing here is the same that we will see happen to Binance Coin and some other projects that will only come to light once I start looking at charts on a long-term basis.

What type of disaster is going to hit the Cryptocurrency market?

I can guess! Something related to Binance, Ripple and/or the SEC, or Kraken going down... Something completely unexpected, who knows.

Whatever happens though will be temporary and the end result will be strength.
It will be felt all throughout but nothing we haven't experienced before.

Potential targets (support levels)

I don't know if the bottom will be at $33, I lied about that one.
The incredible growth between 2015 and 2018 makes it hard for me to extract numbers as I usually do that can work as support for the long-term picture, here are some targets though:

1) $77
2) $58
3) $37
2) $29

The good news

Prices don't necessarily need to stay down, then can go down and then move back up... Think March 2020.

Thank you for reading.
Feel free to comment with your questions.

Thanks a lot for your support.

Namaste.