During the previous trading session, Monero demonstrated downward dynamics. On a longer time-frame, the upward trend still prevails.
The support and resistance levels:
The nearest support level is at the price level of the 319.49.
The level was formed by the Shooting Star pattern. This pattern is a single candlestick which is composed of a small real body and a long upper shadow. This pattern is usually called “Pin Bar” by traders.
The nearest significant resistance level is at the 381.11 mark.
This level was formed by the Three Inside Down pattern. This pattern consists of three Japanese candles: the first candle has a short black real body, the second candle also has a black real body and is completely inside the body of the first candle, and the third candle is also black and closes below the body of the second candle.
Trading recommendations:
The upward dynamics prevail on a longer time period, but the short positions should be prioritized during the day because the latest signal suggests a dominant downward movement.
