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Crypto Technicals: Altcoins crumble tracking losses in Bitcoin, Monero tests 50-DMA (91.24), further weakness likely
XMR/USD chart - Trading View
Exchange - Binance
Support: 87.4592 (cloud top); Resistance: 108.53 (5-DMA)
Technical Analysis: Bias Bearish
Altcoin space crumbles as they track losses in the Kingcoin.
Monero extends weakness for the 3rd straight session, tests 50-DMA at 91.24.
Cloud is offering strong support and break below will see further weakness.
Technical indicators are bearish. Stochs and RSI have rolled over from overbought levels.
5-DMA has turned, MACD shows bearish crossover on signal line and volatility is rising on the intraday charts.
Price action has broken below 4H 200-SMA and break below cloud top will see further weakness.
Next major support lies at 110-EMA at 80.77 ahead of lower Bollinger Band at 77.59.
5-DMA caps upside at 108.14. Break above negates near-term bearishness.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.