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Monero (XMR) Forms Fundamentally Important Pattern: Crypto Market Review, October 10

Mon, 10/10/2022 - 23:50
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Arman Shirinyan
Monero is forming pattern that may lead to strong price performance
Monero (XMR) Forms Fundamentally Important Pattern: Crypto Market Review, October 10
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The new week on the cryptocurrency market did not start positively, as the majority of digital assets remain in the red zone. One of the main reasons behind it is an upcoming risk surge this week considering all the macroeconomic events that will happen quite soon.

Exceptional performances: Monero, HT

Today's market leader is Huobi Token, which rallied after Justin Sun joined the exchange as an adviser who will work on making the token a better product, finding more use cases and increasing its intrinsic value.

XMR Chart
Source: TradingView

Among other leaders is, expectedly, Tron (TRX), with around a 3% price increase in the last 24 hours. Elevated inflows to the asset were also caused by Justin Sun's story with Huobi. However, the previous price performance of the asset shows that the current growth is purely speculative, and it should not become a foundation for a proper recovery rally.

In the mid- to long-term perspective, Monero is one of the coins that shows us a formation of a strong chart pattern that might become a start of a disruptive performance for the privacy coin.

XMR is forming a bullish flag pattern that often appears ahead of a spike up, which might be the case for the coin that successfully broke through the local resistance level at $150 back in July.

Shiba Inu denied

As we have mentioned in our previous market review, Shiba Inu has reached a pivotal moment on the chart as it has once again reached the local resistance level it needed to break in order to maintain its placement on the market.

However, the lack of inflows, network activity and trading volume worked against the possible breakout, and the token swiftly reversed back below values we had been seeing for weeks now.

The lack of momentum on the token will most likely become a trend until traders and investors see some potential in SHIB once again. As we mentioned, the low activity on the network and lack of burning activities slowly make Shiba Inu a ghostchain, which is a dangerous trend for any kind of decentralized network that may lead to a series of delisting and the logical end of a project.

Bitcoin suffers another drop

While the recovery seemed like a possibility in the past week, Bitcoin's future looks even more grim today compared to the beginning of October. The first cryptocurrency in struggling to find ground for a bounce and has been consolidating around $19,000 for days.

With a variety of financial events happening this week, we might see a volatility spike on Bitcoin and other cryptocurrencies. However, it may end up being downward volatilty that will cause even more problems for cryptocurrency holders.

At press time, Bitcoin is trading at $19,345 and losing around 0.5% of its value in the last 24 hours.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.