Monero price analysis: Short term tells medium term, ‘I am with you on the downhill journey’; November 2017 low on the horizon

  • XMR hourly chart makes rising wedge, a bearish pattern.
  • 360-minute chart has a downward sloping channel.

Monero bulls have lost and have no signs of coming back to the fore given that the chart formation on the short term as well as medium term suggests the downward journey is likely to continue for some more time.

XMR/USD is down more than 1 percent on day at $124.72 as against most other major cryptos who are trading in the green shade. On the hourly chart, there’s a rising wedge pattern visible which is a bearish pattern and would result in prices falling to lower levels in a quick time after the breakdown.

If that wasn’t enough, on the 360-minute chart, the formation of lower low, lower high downward sloping trendline channel also has trapped the bulls and would keep pressure high on the prices to remain lower for some more time and chances are it may head all the way to November 2017 lows, wihch is placed well below $100 mark in the $80s.

XMR/USD hourly chart:

XMR/USD 360-minute chart:

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