Monero price risks losing 30% by June if the rising wedge setup breaks down.
Downside risks have been mounting due to XMR's relative strength index , which almost hit 70 this May 23, indicating that the market is considered overvalued. An oversold RSI could amount to a bout of declining moves, as a rule of technical analysis.. Rising wedges form when the price moves inside a range defined by two ascending, converging trendlines.
As they do, the volumes typically decline, underscoring a lack of conviction among traders about the upside price move. Rising Wedges typically resolve after the price breaks below their lower trendline, followed by an extended move downside to the level that traders locate after adding the maximum wedge's height to the breakdown point.As a result of this technical rule, XMR risks falling toward $138.50 by June—down nearly 30% from today's price—if the breakdown point comes to be around $180.
Conversely, failing to close above $200 would increase XMR's risks of declining toward the $180-175 range, marked as the"pullback target" in the chart above. The area coincides with the ascending channel's lower trendline. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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