Monero had a slightly positive session on Tuesday, as we reached towards the $88 level. There seems to be a significant amount of support at the $85 level as well, so I think we are going to see a bit of bouncing in the short term. Nonetheless, I believe that the way to look at this market is that it’s trying to build up a base so that I can rally again. A break above the $90 level should send this market into overdrive when it comes to bullish pressure, perhaps reaching towards the $95 level. I think that the market will continue to attract bullish pressure and money as we build up this consolidation. Eventually, I anticipate that Monero will go looking towards the $100 level, but I also think that adding slowly is probably the best way to deal with what has been a significant pullback.
Adding on the dips
I continue to believe that adding on the dips in the Monero markets will probably be the best way to trade this currency, but I also recognize that patience will be needed. Eventually, we will find the $100 level as a magnet, but slowly adding is probably the only way to ride out the volatility that we are currently seeing in Monero itself. Overall though, crypto currencies look as if they are trying to rally, and therefore I think it’s only a matter of time before Monero does the same thing. After all, they all tend to follow Bitcoin, which looks as if it is trying to show signs of an uptrend. Monero continues to show resiliency based upon the bounce from the $84 level. The market bouncing as hard as they did tell me that we are trying to find the momentum to turn things around after the selloff.