Monero Analysis (XMR/USD) October 9, 2017

Monero rallied slightly during the day on Friday, as the jobs report came out of the United States lower than anticipated. However, there was a hurricane effect to those numbers, so any currency headwinds or boost will probably be temporary at best. I think that the $95 level above is going to be a target, and of course resistance as we have seen just recently. I think that if we can break above the $95 level, then we go to the $100 level next. At this point in time, I am a buyer of dips, and I believe that there is significant support near the $88 level as we formed a “higher low” recently at that level. Monero has done quite well in general, hanging tough while the rest of the crypto currency markets fell apart a few weeks ago.

Ultimately, this is a buyers’ market

I think given enough time, the buyers jump back into the marketplace, and that we should continue to see value in the market every time we dip. I also believe that a breakdown below the $87 level would be rather negative, probably sending the market down to the $85 level. Below there, we probably then go to the $82.50 level. However, in general crypto currencies have done quite well as of late, as we are starting to see a bit of a basing pattern in most markets. Because of this, I believe it’s only a matter of time before the buyers return, and that being the case I would expect that Monero will join the rally. Longer-term, I think that we have a target of $105, but it may take a couple of weeks to get there. Remember, rallies can be explosive, but after big selloffs like we had seen in the crypto currency markets recently, they will be done tentatively.