Monero price analysis: Trapped! This bounce has a leg

Fibo Quantum

  • Monero prices bounce after a steep sell-off.
  • Likely to rally some more before the sell-off resumes.

Monero prices rallied in Sunday trading after a week of non-stop selling that saw all the cryptos falling like pack of cards and prices of Monero fell more than 20 percent in less than a week, thanks to SEC ruling that rejected application of ETF trading for the cryptos.

XMR/USD is up about 1.5 percent at $94.376, near the high point of the day in a low volume Sunday trading. 240-minute chart of this crypto shows that it is trapped in a downward moving lower high, lower low channel and it may be a bit tough for the bulls to come out of it so soon.

XMR bounced from the lower end of the channel and now eyeing higher end, which might prove tough to cross. Resistance at the upper end is currently placed around $100-$104.

XMR/USD 240-minute chart:

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