Why other coins are hesitating at resistance levels, Monero did not hesitate to pull back to the top of the support zone where we have an early pin-bar formation which MAY be a setup for a potential trade.
After a bullish swing from the low 160’s Monero has rallied to nearly double where it topped out at the 297 resistance level (0.618 retrace of the March bearish swing) and has since pulled back to the higher level of the support zone between 214 and 230.
Minor resistance is found at 245 and 275 with the first support zone within the 297 to 312 zone. In the long term we can look at the 397 to 417 area with a possible extension to the 450 level. Shorter term there is a possible swing and positional trade setup formation and will post an update if the trigger signals.
As a longer term investor looking to add to the position a small ¼ or 1/3 add here would be justified and see if the market pulls back to cost average in lower. If it moves higher from this level one might add a positional trade to cost average in.