Monero Price Report for October 10, 2016
Oct 10, 2016 --- (ARCHIVED) Altcoin Price Reports
Market Commentary:While it wasn't the most volatile weekend in terms of price action for XMR, it was rather confusing. Following a dip slightly below 0.01 early last week, which we bought for a ProTrade, the market has since tried to break sustainably above the 120 level unsuccessfully.
Having said that, price has also refused to head back below the 100 level either which has created a higher low on the shorter term charts. Now we are stuck between 110 - 120, which is a key technical area, so where we break from here will likely determine the general trend over the coming days.
Despite the fact that there are some interesting things happening on the near term charts, there are still too many false signals so we are sticking to the daily chart today. We can see that price remains within the descending channel that is has been in since the top in early September, although it is now pushing it up against the upper trendline.
Additionally, Willy is officially oversold, the Stochastic is oversold and bullishly divergent, MACD is divergent and close to a crossover, RSI is trying to break above 40 to confirm upside bias, and the 200-day SMA is still trending higher. Conversely, volume profile is porous down to around the 50 level, the....
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