- The formation of the double-top pattern is the force behind the ongoing gain trimming exercise.
- XMR/USD short-term trend is bearish bias as indicators signal turn negative.
Monero is sitting conformably above the trendline. The price, now at $69.00 extended the weekend uptrend achieved levels slightly above $73.00. The formation of the double-top pattern is the force behind the ongoing gain trimming exercise. A double-top pattern is a bearish pattern that indicates a change in the trend of the market.
The ascending trendline has been a key level in stopping declines over the past one week. Therefore, I expect Monero to find a support at this level and resume the uptrend above $70.00. However, if the bears clear the zone, XMR/USD will test next support at the 100 SMA currently hovering around $68.00. Further break down from this level is likely to find support at the 200 SMA 2-hour and at last week’s support at $62.00.
As far as the short-term trend is concerned Monero is bearish bias and could slide further down. The RSI at 50 is heading downwards, although it brushed shoulders with 70.00 earlier today. The MACD is almost crossing into the negative region to confirm the bearish momentum.
XMR/USD 1-hour chart
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