Why Monero Could Be Headed For All-Time Highs This Summer

Monero (XMR), the highest market cap privacy coin (currently #12 on total market cap list), has formed a large descending triangle pattern since peaking near $500 in December:

XMR/USD (Daily)

I believe the ultimate resolution of this descending triangle will have huge implications for the cryptocurrency sector as a whole; a breakout above $300 will target new all-time highs above $500, whereas a breakdown below major support at $160 would send Monero crashing down towards zero.

I expect this chart pattern to resolve before the end of the month, which means that crypto traders/investors should pay close attention to this chart. I own Monero and I am betting on an upside breakout within the next couple of months.

 

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.

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