Monero Price Analysis: XMR/USD charts bearish engulfing pattern

• XMR/USD charted a bearish engulfing pattern as the price went down from $71.50 to $68.70.
• Bulls need to protect support at $67 to prevent further downward movement.

Bears took over the XMR/USD this Tuesday following two consecutive bullish days. The bears garnered enough momentum to chart a bearish engulfing pattern which means that the price is probably going to go down even lower. The bulls need to protect the $67 support level to prevent further downward momentum.

XMR/USD Daily Chart

• XMR/USD met massive resistance at the $71.50 level and went down to breach past the support offered by the upward trending line.  
• Currently, the market found support at the 200-day simple moving average (SMA 200) curve.  
• If the bulls don’t rally together to protect the $67 support level, the price may go all the way down to $57, the next prominent support level.
• The relative strength index (RSI) indicator curve has creeped out of the overbought territory.
• The signal line is about to converge with the moving average convergence divergence (MACD) line in the MACD indicator, which shows decreasing bullish momentum.