Monero (XRM/USD) has been trading in a narrow range, with bearish momentum persisting. This is likely due to the dollar strengthening, which puts pressure on most crypto currencies. While Bitcoin has been rallying this week, other crypto markets such as XMR/USD are still lagging behind.
The two opposing views on Monero’s underperformance this year is one bullish and one bearish. The bullish view is that the energy is increasing, and a triangle will form that contracts upwards. If this is true, then the market will break through the horizontal resistance provided by the previous support zone. On the other hand, the bearish view holds that the triangle of one year is a continuation pattern. If this is true, then the US dollar should continue to gain against other fiat currencies and cryptocurrencies.
XRM/USD is at key levels of $100 and 200. Until any of the sections are broken, it is possible that the range will continue. In conclusion, both bullish and bearish views have some merit, and it is difficult to tell which one will be correct.
