Crypto Technicals: XMR/USD rejected at 200-DMA, scope for resumption of weakness

Fibo Quantum

Crypto Technicals: XMR/USD rejected at 200-DMA, scope for resumption of weakness

XMR/USD chart – Trading View

Exchange – Kraken

Support: 68.82 (61.8% Fib); Resistance: 77.35 (200-DMA)

Technical Analysis: Bias Bearish

Monero was trading 2.34% lower on the day at 73.45 at 10:15 GMT.

Recovery in XMR/USD was rejected at 200-DMA and the pair is on track to resume weakness.

Major trend is bearish and Stochastics RSI is showing a rollover from overbought levels.

The pair has ignored ‘Hammer’ formation on Monday’s candle, upside remains capped below 21-EMA (75.78).

Price action continues in ‘Sloping Triangle’ pattern and Stochs and RSI have turned lower.

Next major support lies at 61.8% Fib at 68.82. Break below will see test of trendline support at 63.60.

On the flipside, 5-DMA is immediate resistance at 75.40. Upside continuation only above 200-DMA.

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