In fact, it was hard not to be bullish on XMR. The main reasons for that were
Here is an updated chart. We can clearly see the wick for last month which took price to almost $800 - a new ATH! However, price quickly headed back down and was clearly rejected. So all we got was a "fake out".
The macro support is extremely strong with it being 11 years long. Yet it has also been tested very often over the last few years. Will it hold again now that price is back at the trend line? Price has come down a whopping 65% since its ATH last month.
Just last week I have shown the incredible connection of the crypto market with the blood moon cycle. Yes, I am taking stuff like that seriously when we get a correlation that strong. If it holds true once more, the bear market should come to an end in early March which would give XMR enough strength to hold the important macro support.
If so, I have little doubt that XMR has the potential to go to the $4500 target I laid out in the last post. But it may take some time.
As a general reminder: Please keep in mind that none of this is official investment advice! Crypto trading entails a great deal of risk; never spend money that you can't afford to lose!
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