Monero (XMR) Bullish Setup?
Some analysis on the Monero chart - Firstly the obvious (orange line) downsloping trendline going back to the May 2021 highs. This was broken in June 2023 with a retest in August '23 and another retest in Feb 2024 after the Binance delisting.
This level became a double-bottom, forming a nice "W" bottom structure.
The next significant level is XMR's current level at around $170-$175, level going way back to 2020.
XMR has used this as support and resistance over the years, and has recently been coming up against it again.
XMR has put in another, smaller "W" structure, which can be viewed as a form of cup-and-handle also.
A measured move on the breakout of this level would be around $300 as shown.
XMR has diverged quite a lot from BTC's price and makes it's own moves, so needs to be viewed as mostly independent.
This level became a double-bottom, forming a nice "W" bottom structure.
The next significant level is XMR's current level at around $170-$175, level going way back to 2020.
XMR has used this as support and resistance over the years, and has recently been coming up against it again.
XMR has put in another, smaller "W" structure, which can be viewed as a form of cup-and-handle also.
A measured move on the breakout of this level would be around $300 as shown.
XMR has diverged quite a lot from BTC's price and makes it's own moves, so needs to be viewed as mostly independent.
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