Monero: Short-Term Buy (update)
Monero, 4-Hour Chart Analysis
Monero continues to trade in a holding pattern between the $20 and the $22 levels since our recommendation. The altcoin held up well, despite the spikes lower towards the $20 support, but it failed to stay above the $22 level sustainably. The triangle consolidation looks to be ending soon so the next major swing is expected to happen in the coming days.
Short-term traders might hold on to their positions or wait for a break-out above $23 to trade the next significant move in XMR. Long-term support is still found between $17 and $18, while the prior high near $25.75 provides long-term resistance.