While state regulators in the U.S. unveiled a nationwide crackdown on suspicious cryptocurrency investment schemes (mostly fraudulent ICOs), cryptocurrencies have come under selling pressure:
Ethereum has formed a series of lower highs since peaking at $838 earlier this month, and a decisive breakdown below $660 will likely target a test of the $600 level at a minimum.
Meanwhile, Moner0 (XMR) looks like it’s got a date with another test of the critical $160 support level:
Two weeks ago I wrote that I expected this chart to resolve itself before the end of May – if we do in fact get a test of the $160 level within the next nine days I expect volatility to increase significantly with a strong possibility of a ‘failed breakdown scenario’ unfolding.
DISCLAIMER: The work included in this article is based on current events, technical charts, and the author’s opinions. It may contain errors, and you shouldn’t make any investment decision based solely on what you read here. This publication contains forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The views expressed in this publication and on the 321Ethereum website do not necessarily reflect the views of 321Ethereum LLC, publisher of 321Ethereum.com. This publication is provided for informational and entertainment purposes only and is not a recommendation to buy or sell any security. Always thoroughly do your own due diligence and talk to a licensed investment adviser prior to making any investment decisions. Cryptocurrencies can easily lose 100% of their value. It’s your money and your responsibility.