Monero technical analysis: XMR/USD falls by 3.54% in the early hours of Friday

• XMR/USD dropped from $56.42 to $54.42 so far today.
• The RSI indicator is creeping along at the edge of the oversold zone.

XMR/USD daily chart

The XMR/USD daily chart has formed a downwards channel formation and is trending below the 200-day, 50-day and 20-day Simple Moving Average curves (SMA 200, SMA 50 and SMA 20). The Relative Strength Index (RSI) indicator is creeping along at the edge of the oversold zone.

XMR/USD four-hour chart

The four-hour XMR/USD price has found resistance at the SMA 20 and SMA 50 curves. The 20-day Bollinger band has narrowed, indicating decreasing market volatility. The Elliott Oscillator shows two straight bearish sessions.

XMR/USD hourly chart

The hourly chart has taken a nosedive and gone below the red Ichimoku cloud. The price fell from $57 to $54.60 within two hours and is currently trending below the SMA 200, SMA 50 and SMA 20 curves. The Moving Average Convergence/Divergence (MACD) indicator shows that market momentum has reversed from bullish to bearish.  

Key Levels