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Crypto Technicals: XMR/USD holds above trendline support, 'Bullish Divergence' raises scope for upside

XMR/USD chart - Trading View 

Exchange - Kraken

Support: 49.75 (Trendline); Resistance: 57.17 (21-EMA)

Technical Analysis: Bias bearish

Monero (XMR) was trading 4.15% higher on the day at 54.24 at 11:10 GMT.

Major trend in the pair has been bearish and the pair hit 7-month lows at 51.75 on Tuesday's trade.

Volatility is very low, 'Bullish Divergence' raises scope for some upside.

Oscillators are also at oversold levels with scope for rollover into neutral.

Price action has broken above 5-DMA and finds next major resistance at 21-EMA at 57.18.

Strong support is seen at 49.75 (falling trendline). Break below will see more downside.
 

By Anupama Grandhi
  • Market Data
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