Crypto Technicals: XMR/USD capped at daily cloud, retrace below 50-DMA (91.20) could see further downside

XMR/USD chart - Trading View

Exchange - Kraken

Support: 91.20 (50-DMA); Resistance: 98.19 (cloud base)

Technical Analysis: Bias Neutral

Monero was trading weaker for the second straight session. Bias is turning neutral from previously bullish.

Upside was capped below daily cloud which offers stiff resistance at 98.19. Breakout above cloud required for further gains.

XMR/USD was trading 2.38% lower on the day at 93.47 at 05:40 GMT. Price action has slipped below 5-DMA (93.99).

Indicators on the daily charts are inconclusive. Oscillators are at overbought levels with scope for rollover.

50-DMA is strong support at 91.20. Break below will see further weakness. Dip till 20-DMA at 84.95 then likely.

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