Monero is searching for reversal gains as the currency attempts to break out of the $160 resistance. Price action is currently favoring buyers and the digital asset has managed to move above the 100-day EMA. Additionally, chart indicators and analysis of Fibonacci levels demonstrate a bounce from the current levels.

At the time of writing, Monero is trading at $158.08 with an intraday gain of 1.35%. Further, the trading volume was also up a notable 30% overnight. On the daily chart, Monero is attempting to break the neckline of a symmetrical triangle pattern as well as a rising wedge pattern, both of which could indicate a possible 5% growth from the current level.

However, the buyers of Monero will first need to initiate a successful breakout of the $160 resistance in order to push momentum. Should they manage to do so, then prices may even reach the $170 resistance level. At the same time, support levels at $150 may allow the buyer to recapture their losses should the coin fail to break the $160 resistance.

All in all, Monero is in a protracted uptrend and appears that buyers are slowly regaining control. Should the current resistance patterns are broken, the coin could experience further gains. As always, investors should be aware of the risks involved in investing in cryptocurrencies and do their own research before committing to any purchase.



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