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Monero Price Analysis: XMR/USD continues consolidation below the $69-level

FX Street
Updated:
  • XMR/USD is trending in a downward channel formation and below the SMA 20 and SMA 50 curves.
  • The Elliott Oscillator has had a green session following 17 straight red sessions.

XMR/USD daily chart

XMR/USD daily chart

XMR/USD went up from $66 to $67.45 as price consolidation below the $69-level continued this Wednesday. The price is trending in a downward channel formation and below the SMA 20 and SMA 50 curves. The SMA 50 is on course of crossing over the SMA 20, which is a bearish sign. The MACD indicator shows decreasing bearish momentum, while the Elliott Oscillator has had a green session following 17 straight red sessions. Finally, the RSI indicator has gone up slightly from 39.33 to 41.25 in the early hours of Wednesday, following bullish price action.
 

FX Street

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