Bears are back in the game at the end of the week, according to CoinMarketCap.
Top coins by CoinMarketCapXMR/USD
Monero (XMR) is the exception to the rule, rising by 1.23% over the last day.
Image by TradingViewOn the hourly chart, the price of XMR keeps looking bullish. If the breakout of the local resistance happens, the accumulated energy might be enough for a test of the $750 mark tomorrow.
Image by TradingViewOn the bigger time frame, the situation is less bullish. The rate of XMR has once again bounced off the support at $666.
As the price is far from the main levels, there consolidation in the narrow range of $680-$700 is the more likely scenario until the end of the week.
Image by TradingViewFrom the mid-term point of view, one should focus on the weekly bar closure in terms of its peak. If the bar closes with a long wick, bears may seize the initiative which may lead to a correction to the $600-$650 zone by the end of the month.
XMR is trading at $716.52 at press time.
Source: https://u.today/monero-xmr-price-analysis-for-january-16
