Crypto Technicals: Monero (XMR) struggles at 200H SMA, extends sideways along 78.6% Fib

XMR/USD chart - Trading View

Exchange - Kraken

Support: 51.10 (Trendline); Resistance: 56.68 (200H SMA)

Technical Analysis: Bias Bearish

Monero has been extending sideways along 78.6% Fib retracement level at 54.90.

Major trend in the pair has been bearish and we do not see any major signs of recovery in the pair.

Price was rejected at 200H SMA (56.68), the pair was trading 2.52% lower on the day at 54.89 at 06:20 GMT.

Momentum studies are strongly bearish, volatility is high, scope for further downside.

Next major support lies at 51.10 (falling trendline). Violation there could see test of 88.6% Fib at 46.62.

200H SMA is strong resistance at 56.68. Breakout above could see some upside. Next major resistance lies at 21-EMA at 63.06.

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