XMR/USD chart - Trading View
Exchange - Kraken
Support: 68.82 (61.8% Fib); Resistance: 73.25 (5-DMA)
Technical Analysis: Bias Bearish
Monero fails to hold break above 200-DMA, retraces below, raising scope for further downside.
XMR/USD was trading at 70.98, down 2.70% at 06:10 GMT, intraday bias is bearish.
Price action is extending downside in a 'Falling Wedge' pattern and failure to hold break above wedge top has reinforced weakness.
Stochs and RSI are sharply lower and RSI has fallen below 50 mark. 5-DMA has turned South. Volatility is rising.
Drag till next major support at 61.8% Fib at 68.82 likely. Further weakness will see dip till 62.75 (Wedge base).
On the flipside, decisive breakout at 'Wedge top' and 200-DMA required for upside continuation.
