XRM/USD keeps trading in a range
Bearish momentum persists
A stronger dollar pressures most cryptocurrencies
Bitcoin rallied at the start of this week, triggering much-needed enthusiasm among crypto investors. However, the so-called “crypto winter” is still visible in other crypto markets, such as XMR/USD.
Monero failed to capitalize on Bitcoin’s strength. Some other times, whenever Bitcoin rallied, other cryptocurrencies followed.
Only this time is different. Therefore, one may argue that other cryptocurrencies lag and will jump, too, following Bitcoin’s lead. But another take is that Bitcoin gains will disappear, and a stronger US dollar will emerge.
One thing is for sure, though – Monero’s technical picture is not encouraging.
Monero chart by TradingView
The one-year-long range keeps Monero at bay
Monero’s underperformance this year might be viewed in two ways – one bullish and one bearish.
The bullish view is that Monero is building energy, forming a contracting triangle that will break to the upside. And, on its way up, the market will break horizontal resistance given by the previous support area.
The bearish view is that the one-year-long triangle is a bearish continuation pattern. If that is the case, the US dollar will keep gaining against its fiat peers and cryptocurrencies.
$100 and $200 are key levels to watch for XRM/USD. Until any of them is broken, the range might continue still.