The world’s premier privacy coin, Monero appeared to break out of a short-term downtrend and could be set to move toward its resistance around the $127-level, provided it can defend an important level of support at $115 if the bears gain some traction over the next few hours. Further down the crypto-ladder, Basic Attention Token could be poised to follow the gradual downtrend it has been on over the past couple of months while Crypto.com Coin continued to post losses on its charts.
Monero was moving within a descending channel (yellow), but closed a trading session above the same, following which, it moved above the important level of resistance at $115 and showed bullish momentum gathering on the charts.
The move out of the channel was accompanied by average trading volume, a finding that need not discourage the market’s bulls yet. A close below $115 once more would be of more concern.
The pattern generally sees the price push upwards to where the price was when the channel began, making $135 a target for Monero over the next couple of weeks.
However, this could be affected by a strong move by Bitcoin or Ethereum, making the resistance at $127 a more feasible target in the coming days for XMR to reclaim.
Basic Attention Token [BAT]
Basic Attention Token was in the process of forming a symmetrical triangle pattern, a formation that could see a breakout by the token in either direction.
The trading volume has also been on a steady decline in recent days. The Awesome Oscillator highlighted the lack of momentum in either direction for the crypto-asset over the past few days.
The level at $0.2 has seen the price whipsaw about it back in May of this year. Back then, the price had followed the prior trend and continued to gain after a couple of weeks of sideways trading. In this instance as well, the established trend may be the more likely direction for the market to break towards.
Crypto.com Coin [CRO]
Crypto.com’s exchange token CRO has been steadily losing value since mid-October when it was trading at $0.1559.
The OBV showed that there was a period of equilibrium between buyers and sellers over the past few days, but at the time of writing, the sellers appeared to be stronger as the OBV set a lower high on the charts.
This downtrend was likely to continue in the coming days, perhaps even weeks.
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