Monero Technical Analysis 15 November, 2021

• Monero reversed from support area
• Likely to rise to resistance level 290.50

Monero cryptocurrency recently reversed up from the support area located between the powerful support level 255.00 (which has been steadily reversing this coin from the middle of October, as can be seen from the daily Monero chart below), 50% Fibonacci correction of the upward wave (2) from July and the lower daily Bollinger band. The upward reversal from this support zone stopped the previous short-term impulse wave (iii) from the start of November.

Given the strength of the aforementioned support area and the improvement in risk sentiment as seen across the cryptocurrency markets today, Monero cryptocurrency can be expected to rise further toward the next resistance level 290.50 (which has been reversing the price from the start of October).

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