Crypto Technicals: XMR/USD fails at 21-EMA, bearish bias builds, scope for downside resumption

XMR/USD chart - Trading View 

Exchange - Bitfinex

Support: 49.562 (Lower BB); Resistance: 54.943 (21-EMA)

Technical Analysis: Bias turning bearish

Monero is extending sideways grind as bulls unable to break stiff resistance at 21-EMA (currently at 54.943).

XMR/USD was trading 0.66% lower at 54.025 at 11:15 GMT, after closing 0.45% higher in the previous session.

Major trend in the pair is bearish as evidenced by the GMMA indicator, scope for downside resumption.

Recovery from multi-month lows at 46.101 has paused at 21-EMA, pair is extending sideways.

Technical indicators are turning bearish. Stochastics RSI is on verge of rollover from overbought levels.

The pair is currently holding support at 20-DMA at 53.484. Break below will see dip till lower BB at 49.562.