Crypto Technicals: Monero fails to hold 200-DMA break, erases most of previous session's gains

XMR/USD chart - Trading View

Exchange - Kraken

Support: 68.82 (61.8% Fib); Resistance: 77.64 (200-DMA)

Technical Analysis: Bias Neutral

Monero has erased most of the previous session's gains, retraces break above 200-DMA.

XMR/USD was trading at 74.50, down 8.02% at 10:22 GMT, bias is neutral to slightly bearish.

Price action capped below daily cloud, has fallen back into slopping triangle pattern.

Major trend is bearish and Stochastics RSI is showing a rollover from overbought levels. Stochs and RSI are biased lower.

Resumption of weakness will see dip till lower Bollinger band at 69.64 ahead of next major support at 61.8% Fib at 68.82.

On the flipside, 21-EMA is immediate resistance at 76.15. Decisive breakout above 200-DMA required for upside continuation.

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