Monero (XMRUSD) has been in a trendless sideways consolidation in the formation of a descending triangle since late December. It is characteristic of this formation that falling highs and near-constant lows exist. The tendency to make the breakout from the delimiting formation lines is slightly on the lower side. After that, it does not look right now.
It's nice to see that the typical 61.8% Fibonacci retracement combined with the triangle's falling trend line was a drag. On the other side, the price stabilized almost exactly at the 50.00% retracement.
According to the current state, I assume that the course prepares for a breakout up from the triangle formation. If that happens, it can very quickly return to $ 330.00. However, the recently formed low at $ 227.00 should not be undercut.
Cheers Jessy