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Building a position slowly will probably work out best, as we continue to see a lot of volatility and fear not only in the Monero market, but pretty much anything that is further out on the risk spectrum.
The Monero market fell hard on Tuesday to show further weakness. The $240 level continues to be an area of interest, as it was previous resistance. Now it is offering support, and it is worth noting that the Monday candlestick was a bit of a hammer. Now that we are testing the bottom of it, it looks like we could threaten a serious breakdown. Having said that, we also have just recently had the so-called “golden cross”, which is when the 50-day EMA crosses above the 200-day EMA.
The market could very well break down below the $240 level, which would not be a huge surprise considering that Monero is a minor coin. Furthermore, as long as Bitcoin and Ethereum struggle, it is difficult for smaller markets like this to have any real traction. I think at this point in time it is likely that we will continue to see a lot of noisy behavior, so you are going to have to be very cautious about your position sizing. I think given enough time we will probably have some type of resolution, but right now crypto does not look very good. With that in mind, I do not expect Monero to be any different than the others.
On the upside, the $280 level has been a bit of resistance, which is a significant resistance barrier going back multiple years. I think dips at this point could be supported at the $215 level, right along with the 50-day EMA and the 200-day EMA indicators that are sitting there. With this being the case, you need to wait to see whether or not we get a bit of a bounce in order to get involved again. I do not necessarily think you should short this market here, just that it does not necessarily look like it is going to take off all of the sudden either.
A bit of patience would have a lot to do with being successful in this scenario, which is something that you need to pay close attention to. Building a position slowly will probably work out best, as we continue to see a lot of volatility and fear not only in the Monero market, but pretty much anything that is further out on the risk spectrum.
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