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XMR/USD chart - Trading View
Exchange - Kraken
Support: 54.90 (78.6% Fib), Resistance: 60.95 (50H SMA)
Technical Analysis: Bias Bearish
Monero (XMR) was trading 2.46% lower on the day at 58.17 at 09:00 GMT, bias is bearish.
XMR/USD has resumed weakness, has ignored a 'Doji' formed on the daily candle on Wednesday's trade.
Price action likely to extend weakness as 'Death Cross' confirmed on the daily charts.
Recovery attempts lack traction. Technical indicators support further weakness in the pair.
Resumption of downside will see next major support at 78.6% Fib retracement at 54.90 ahead of 49.45 (Mar 26 low).
On the flipside, 2H 21-EMA is immediate resistance at 60.40. Break above could see gains till 64.05 (5-DMA).
