Monero (XMR / USD) corrected the final bullish move hesitantly and then relatively strong perfectly to the 78.6 Fibonacci retracement on the $ 190.00 price level. The expected breakout from the triangle formation did not exist, so that the situation can currently be considered neutral. This means that the trendless sideward movement is now dominating again.
A return to the triangle's upper downtrend line in conjunction with the 61.8 Fibonacci retracement of the recent downtrend is realistic. Then decide whether Monero wants to break out of the correction formation at last. The price target of this scenario is $ 256.00.
Falling below the $ 162.00 daily big trendline would be very bad for this scenario. It then dramatically increases the probability of a breakout on the downside.
This is NOT investment advice and does not require buying or selling. Every reader is aware of this and makes their own investment decision with their own understanding of risk management!
Cheers Jessy