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Crypto Technicals: XMR/USD extends grind lower, turn in 5-DMA indicates more near-term weakness

Mon, 12 Aug 2019, 10:54 am UTC

XMR/USD chart - Trading View

Exchange - Kraken

Support: 88.77 (21-EMA); Resistance: 92.19 (cloud base)

Technical Analysis: Bias turning bearish

Monero extends weakness after a brief pause in previous session's trade.

XMR/USD was trading 2.06% lower at 90.46 at 10:30 GMT, bias remains bearish.

Price action grinds lower along daily cloud, which offers stiff resistance at 92.19. Breakout above cloud required for further gains.

The pair has slipped below 5-DMA (92.48) which has now turned South, suggesting more downside for the pair.

Indicators on the daily charts are turning bearish. Stochs are on verge of rollover from overbought levels.

50-DMA is immediate support at 89.85. Break below 21-EMA (88.77) will see further weakness. Dip till 20-DMA at 86.21 then likely.

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