The crypto-carnage continued overnight as most of the complex continues to approach their February and April lows against the USD. At this point it’s not necessarily about a trend change, but the possibility the currency being oversold and the potential for a rally. Often times, significant areas of support that has seen buying and/or selling in the past may bring in buyers and allow the price to rally. For XMR, that area is around $161.50 and where the price is trading now. If the price can hold this level and begin to rally and close above today’s high of 177.30, that may be an indication of a potential move toward its most recent area of resistance at $205.00. The daily ATR is $16.928, and so a potential stop could be about one-half that amount below the entry price or the trigger price at $177.30
