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Monero Price Analysis: Can XMR/USD break above the flag formation?

FX Street
Published date:
  • The MACD indicator shows decreasing bullish momentum.
  • The RSI indicator is trending at the edge of the overbought zone. 

XMR/USD daily chart

XMR/USD daily chart

Following three straight bearish days, the buyers have taken control of the XMR/USD market and are attempting to break above the flag formation. The price bounced off the support at the 200-day Simple Moving Average (SMA 200) and went up from $65 to $66. The signal line is about to cross over the Moving Average Convergence/Divergence (MACD) line, to show a reversal of bullish momentum. The Relative Strength Index (RSI) indicator is trending at the edge of the overbought zone, hinting that bearish correction may be round the corner.
 

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