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 current support level is in the area of the 296.14 mark.
This level is formed due to the appearance of the Pin Bar pattern. This pattern is represented with a candle with a small real body and a long lower shadow. This pattern is quite common at strong support levels.
The current resistance level is at the 331.14 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:
Despite the downward dynamics prevail on a higher time-frame, the long position should be prioritized intraday. The latest signal on the chart indicates the prevalence of the upward movement intraday.