Today we will talk about Monero (XMR/USD), its price action from a technical point of view, and wave structure from the Elliott Wave perspective.
XMR/USD, 4H
Cryptocurrencies are turning down for the last couple of days which can be a signal for a temporary top as we see a completed five-wave cycle within wave 5 on most of the cryptocurrencies all across the Crypto market.
One of them is definitely Monero (XMR/USD), which can be now dropping within a higher degree A-B-C correction, where the current sharp leg can be the first leg A. So, be aware of more weakness in upcoming weeks for wave C, but before a continuation lower, we may see a temporary, short-term recovery within wave B.
Ideal support for Monero would be at the former wave 4 and 170-120 support zone.
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