Monero XMR/USD is trading at the level of 352. The cryptocurrency is traded above the upper boundary of the Ichimoku Kinko Hyo Cloud, which indicates the presence of a bullish trend for Monero. Ichimoku Kinko Hyo Cloud is expected to test near the level 335, from which we should expect a rebound and an attempt to continue the growth of the cryptocurrency with a target at level 385.
Monero forecast & analysis XMR/USD on March 8, 2018
An additional signal in favor of the growth of the crypto currency will be a test of the support level. Earlier, a weak signal was received for sell of Monero cryptocurrency, due to the crossing of signal lines at the level of 350.
Cancellation of the variant of growth of quotations Monero will be a breakdown of the lower boundary of the Cloud Ichimoku Kinko Hyo with the closing of quotations below the area of 300, which indicates the change in the bullish trend in favor of the bearish trend. Expect the acceleration of the growth of quotations XMR/USD is with the breakdown of the resistance area and the closing above the level of 370.
With the breakdown of the support area and the closure below the level of 315, one should expect the start of the development of the «Head and Shoulders» reversal model, which will indicate the drop of quotations below the level of 275. The breakdown of the reversal model will be the breakdown of area 370.
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