Crypto Technicals: Monero holds above $80 mark, break below will see weakness

XMR/USD chart - Trading View

Exchange - Binance

Support: 80 (nearly converged 110-EMA and cloud base); Resistance: 92.32 (5-DMA)

Technical Analysis: Bias Bearish

XMR/USD trades 5.67% lower on the day at 83.66 at 11:20 GMT.

The pair trades with a bearish bias and upside remains capped at 5-DMA which is sharply lower.

Strong support see at $80 mark (nearly converged 110-EMA and cloud base), decisive break below will see further weakness.

RSI and Stochs are sharply lower and RSI is well below 50 mark which shows downside strength.

Further, a bearish engulfing candle on the previous week raises scope for weakness. Stochastics RSI on the weekly chart is rolling over from overbought levels.

Volatility is rising as indicated by widening Bollinger Bands. Break below $80 finds little support till 63.45 (200-DMA).

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.