The recent Monero surge has been impressive and at the moment, prices are testing a key resistance line at the 38.2% Fibonacci retracement level. We must remember that there is a hard fork in the pipeline and that could the reason why Monero is rallying.
This is not the only coin in our focus. Despite the small marginal gains, LTC prices are trending above our ascending wedge and all we need is a surge past $225 or February 26 highs before we can actually signal buy entries.
Let’s have a look at these charts: For us to warrant Lumens buys we need a confirmation and that will only happen when prices breach $0.40, a key trigger line in our analysis. From yesterday’s price action, we can see attempts of higher highs and for a moment, Lumens prices were actually trending above the middle BB and $0.40.
What we need is a convincing close or a break-out per say and any such patterns will signal longs in line with yesterday’s forecast. In the 4HR chart, sellers are actually driving prices lower and with a double bar reversal and over bought stochastics, chances are prices might trickle lower and even test the middle BB at $0.35 or the break out line at $0.30.
Either any, considering our bullish skew and the trade pattern we are in, buyers can look for long opportunities and can enter when there are hints of reversal at these key support lines. There are some pretty nice price developments in this pair and while we remain overly bullish, buyers must recognize that Monero is testing a key resistance line. Read more from newsbtc.com…
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