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  • XMR has appreciated over 2% on the day as cryptos languish in selling pressure.
  • Forming-double top pattern likely to culminate in XRP retreating to $90.

Monero and a few other coins are the only digital recording gains today. XMR has appreciated over 2% on the day as cryptos languish in selling pressure unable to break stubborn resistance levels.

Monero like most of them cryptocurrencies succumbed to selling pressure this week. XMR/USD plunged massive from highs above $100 to support at $82.00. There was a struggle for recovery on Wednesday; the price stepped above the 100 Simple Moving Average (SMA) 15-mins resistance as well as the 50 SMA 15-mins. Further correction north stepped above $90 but losses fell short of $100 at $92.50.

The sellers, taking advantage of the diminishing buying pressure sent Monero back under $90. Support was then established at $86.00. Monero has defied the selling pressure across the board pushing for correction above $90.

At press time, XMR/USD is exchanging hands at $92. As the momentum’s steam cools off at this level, reaction to a double-top pattern is expected. The retracement could retest $90.00 before confirming the reversal towards $100. Moreover, technical analysis suggests sideways trading as the next course of direction for the price.

Monero is trading above the moving averages in addition to the Relative Strength Index (RSI) holding position above 70. The Moving Average Convergence Divergence (MACD) continues to diverge high as a key indicator of the rising buying power.

XRP/USD 15-mins chart