Monero price analysis: Is it falling wedge again?

  • XMR long term chart suggests falling wedge in the making.
  • Some more price consolidation pending.

Monero prices have been consolidating for a long time, in a falling wedge pattern and it looks like finally the day of breaking out (or down?) would be here soon, its just a matter of few days may be.

XMR/USD is trading 0.3 percent lower on day at $121.336 and in a narrow band of 2 percent. On the 720-minute chart, there is a clear visibility of a falling wedge being formed and its a matter of few more days or may be weeks before the prices finally break out of this range, which usually should be bullish for the prices.

Once broken out on the upside, the prices should easily rally about $200 from the breakout point. For now, one more move towards $100 seems likely.

XMR/USD 720-minute chart:

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