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Monero price analysis: XMR/USD trends in a downward flag formation

FX Street
Updated:
  • XMR/USD is currently priced at $56.35.
  • XMR/USD bulls must overcome resistance at $57.75 before re-entering $60-zone.

XMR/USD is currently priced at $56.35 and is trending in a downward flag formation. The price has had a bullish start to the day, following a bullish Wednesday. The hourly breakdown shows us that the bulls and bears have been involved in a back-and-forth throughout Wednesday. Wednesday began with six straight bearish hours as the price fell from $56 to $54.65. Following that, the bulls came back strong and took the price up to $56.35 and found resistance. The bears then took down the price from $56.35 to $55.15 within one hour, before XMR/USD corrected itself around $56.35 again.

XMR/USD daily chart

fxsoriginal

XMR/USD is currently trending in the lower half of the 20-day Bollinger Band. The widening of the Bollinger jaw indicates increased market volatility. The price is trending below the 200-day Simple Moving Average (SMA 200), SMA 50 and SMA 20 curves. The Relative Strength Index (RSI) indicator is flirting with the edge of the oversold zone. The Moving Average Convergence/Divergence (MACD) indicator shows decreasing bearish momentum.
 

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