Monero price continued to look a bit flat during the Monday trading session, as we are hovering near the $112.50 level. The market had recently sold off in a gradual manner, and now it appears that we are content to simply grind away sideways and wait for a catalyst to move in some type of direction.
I believe that the $120 level above being broken to the upside would be very bullish sign, perhaps sending this market to the $125 level next. Overall, crypto currencies continue to do well but there is a lot of noise in the marketplace, as China has been cracking down on Bitcoin. This of course has crypto currency traders a bit nervous, as one of the benefits of crypto currency marketplaces has been that there is no government interference.
This appears to be changing, so the outlook for crypto currencies longer-term is a bit cloudier than it was just a few months ago. However, the overall trend is still positive, and even though we have pulled back a bit over the last couple of days, that has not changed in the Monero market.
Currently, I see the $102.50 level as massive support, and I think it’s only a matter of time before we break out to the upside. It may take a minute to get to the $120 level, but I think we do get there, and then eventually go higher.
In the meantime, I suspect that these pullbacks will be looked at as value by longer-term traders, and after all, that’s who makes the market - the longer-term trader. Be careful with your leverage, the crypto currency markets have been volatile as of late, so the last thing you want is to be shaken out of a position in what might be a pullback lasting just a few hours.