The cryptocurrency market is experiencing another round of cooling, particularly with Ethereum's price falling. However, some altcoins like Monero continue to show positive momentum.
Market Changes
The cryptocurrency market is undergoing a pullback as Ethereum (ETH) falls to $4,400 from its recent high of $4,780. This downturn has impacted many altcoins, though some are showing resilience.
Identifying Monero's Bullish Pattern
Monero (XMR) stands out in the downturn, gaining 5%. Its chart is forming a textbook bullish 'Bullish Bat' pattern, often indicating a strong reversal point. The pattern completes at point D, currently around $232.
What’s Next for Monero?
Should Monero decisively break above the 200-day moving average with solid buying volume, significant upside targets are projected. The Potential Reversal Zone (PRZ) ranges between $331 and $422. However, the bullish outlook hinges on maintaining support at $232.
Despite the overall decline in the cryptocurrency market, Monero exhibits strong bullish growth signals, making it an interesting asset to watch.
