Crypto Technicals: XMR/USD recovery capped at 110-EMA, further weakness on charts

XMR/USD chart - Trading View

Exchange - Kraken

Support: 79.45 (20W SMA); Resistance: 83.58 (110-EMA)

Technical Analysis: Bias Bearish

Monero has paused 4 consecutive sessions of losses and has edged higher on the day.

However, recovery attempts find stiff resistance at 110-EMA at 83.58.

The pair has slipped lower from session highs at 83.56 and was trading at 81.95 at 17:35 GMT.

Price action has slipped below cloud and major moving averages. Technical indicators have turned bearish.

RSI is below 50 and momentum studies are bearish. A bearish divergence on RSI and Stochs adds to the bearish bias.

Scope for weakness till lower Bollinger band at 71.41. Bearish continuation only below 200-DMA (68.13).

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