Monero has been operating for a long time in a sideways motion. According to the analysis, this left cryptocurrency in a long accumulation period that already lasts about 1 year.

Since August 2018, Monero has been trading in a wide range between $ 40 and $ 120, with a midpoint of $ 80. Time spent in this range may represent a time when the privacy-focused currency has entered an accumulation period.

On June 23, 2019, Monero even attempted to break the $ 120 resistance. However, the market was already in overbought territory on the daily RSI. The RSI is an indicator of a currency's relative strength. Unfortunately, the overbought on the RSI eventually led to resistance prevailing and the market to weaken again and enter a bear moment.

The good news is that Monero managed to stay above the average range of $ 80. This is an upbeat price range as it indicates that buyers are no longer waiting for cryptocurrency to fall to a new support point before purchasing the token.

More importantly, this measurement allows the most optimistic market to set a possible lower setting even higher than the previous one.

With a “bearish low” in an upbeat market around the mid-range of $ 80, the Monero is in a great position to fall into an inverse head and shoulder pattern. The structure is so large that it is also visible in the weekly time period.

ps: This is an analysis originally published by CCN and should not be used as an incentive to invest in the cited cryptocurrency.