Monero price analysis: No surprise if price halves from here

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  • Monero falls hard from long term descending trendline.
  • Journey next towards other end of wedge.

Monero bulls would do better to give up all their hopes of revival in prices, at least for the next few weeks, months as the price of this crypto fails to cross past a critical descending trendline on the long term chart and falls hard from there, now heading all the way towards the other end of the falling wedge.

XMR/USD is up 2 cents of a percent at $103.50 in just about a percent’s range of the day. Daily chart of this crypto depicts a gloomy picture wherein it fell hard this week after touching upper end of the falling wedge resistance.

The problem gets deeper from here as XMR’s next journey is towards other end of the wedge which is all the way down to the 50s, almost half of where the price is currently.

XMR/USD daily chart:

 

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