Crypto Technicals: XMR/USD resumes weakness in 'Falling Wedge' pattern, eyes 61.8% Fib at 68.82

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.

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