XRM/USD keeps trading in range. The pace of depression continues.
XRM/USD continues to trade all over the place as bearish momentum continues as strong dollar pressures most cryptocurrencies.
Bitcoin rallied earlier this week, sparking much-needed excitement among crypto investors. However, the so-called “crypto winter” is still visible in other crypto markets such as XMR/USD.
Monero fails to leverage Bitcoin's strength. Sometimes, whenever Bitcoin is collected, other cryptocurrencies follow.
Only this time is different. Therefore, one could argue that following Bitcoin's lead, other cryptocurrencies are lagging behind and may leapfrog. But take another Bitcoin profit will disappear, and a strong US dollar will emerge.
One thing is certain, although the technical picture of Monero is not encouraging.
Monero chart by TradingView
The length of one year keeps Monero from being damaged
Monero's underperformance this year can be seen in two ways – a bull and a bear.
The bullish view is that Monero is building momentum, forming a contract triangle that is breaking upward. And on the way, the market breaks the horizontal resistance given by the previous support area.
A bearish outlook is a bearish continuation pattern of a one-year triangle. If this is the case, the US dollar will continue to rise against its peers and cryptocurrencies.
$100 and $200 are key levels to watch for XRM/USD. The range can still continue until any of them are broken.
