Monero seems to be at the verge of a solid breakout after a sideway move in the last 2 weeks. Where should we expect the breakout to happen- UP or DOWN? Here is 6-12 January Monero price prediction showing the complete pattern and where next Monero could head.
06 January, AtoZForex – Monero (XMR) was hugely hit in December dropping a huge 68% in few days. Since the immediate sharp recovery that followed, Monero has been moving back and forth within the range of a triangle pattern just like we had in Ripple, Ethereum before they broke upside. Alongside BTC, LTC and some other coins, Monero has not fully recovered from the December sudden drop.
Monero’s market capitalization is roughly $6.6 billion making it the 14th largest coin in terms on market cap according to CoinMarketCap. In the last 24 hours price has rallied by 7.8% to close at $422 according to CoinMarketCap.
Our attention should now be on the pattern forming. A sideway contrasting triangle pattern. Huge breakouts usually follow this pattern as we saw in Ripple, Ethereum and others that have surged rapidly in past and recent times. The question now is : where will the breakout be? Price often breaks to the direction of the trend that preceded a triangle pattern. On other less often occasions, the opposite happens. This is the reason why most triangle pattern traders wait for a breakout before making decision. The challenge in this case is the volatility of the Crypto market which is usually very fast at breakout.
6-12 January Monero price prediction: what next?
The chart above shows a complete triangle pattern to break Up or Down. The larger trend is up while the immediate trend is down. If price is able to break upside as the green arrow shows, we may see a huge bullish move as Monero recovers completely to make a new high. If price goes down from the present position to break below as the red arrow shows, it means the immediate corrective move is not over yet and we could see more dips in the coming days.
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