During the previous trading session, the price of Monero decreased, moving in the main trend direction on the higher time-frame.
The support and resistance levels:
The support level is near the 319.42 mark.
This level was formed by the Hammer pattern, also known as the Pin Bar pattern. This pattern is represented with a single Japanese candlestick which is composed of a small real body and a long lower shadow.
The resistance level is near the 341.85 mark.
The Bearish Engulfing pattern formed this level. It consists of two Japanese candles: the first candle is located inside the body of the second candle.
Trading recommendations:
The latest pattern formed on the chart prioritizes short positions. This signal is also proved with the price movement dynamics on the higher time-frame.
