- XMR bears regain control, as technical set up points to further losses.
- Coin looks heavy on daily sticks after bearish pattern confirmation.
Monero (XMR), the 14th largest cryptocurrency with the current market capitalization of $ 880 million and an average trading volume of $167 million, is the second-biggest loser among the top 20 widely traded cryptocurrencies. The coin has lost almost 6% over the last 24 hours and consolidates its latest bounce above 50.50, with the bears still in charge this Saturday. At the time of writing, XMR/USD trades near 50.75 region, having hit daily lows at 50.35.
XMR/USD, 1-hour chart
- The coin battles the downward sloping 50-hour Simple Moving Average (HMA) near 50.75.
- Hourly Relative Strength Index (RSI) stands just ahead of the 50 level, almost flatlined.
- Bears will continue to guard the horizontal resistance near 52.50, as the path of least resistance appears to the downside.
XMR/USD, daily chart
- Inverse Cup and Handle (bearish) pattern confirmed on Friday.
- The spot trades below all the key Daily Simple Moving Averages (DMA).
- Daily Relative Strength Index (RSI) is in an extremely oversold condition.
- Therefore, a rebound towards Friday’s high of 55.00 cannot be ruled out in the coming days.
XMR/USD Levels to watch
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