Monero Price Analysis: Can XMR/USD break above the flag formation?

The MACD indicator shows decreasing bullish momentum.
The RSI indicator is trending at the edge of the overbought zone.

Rajarshi Mitra Independent Analyst

XMR/USD daily chart

Following three straight bearish days, the buyers have taken control of the XMR/USD market and are attempting to break above the flag formation. The price bounced off the support at the 200-day Simple Moving Average (SMA 200) and went up from $65 to $66. The signal line is about to cross over the Moving Average Convergence/Divergence (MACD) line, to show a reversal of bullish momentum. The Relative Strength Index (RSI) indicator is trending at the edge of the overbought zone, hinting that bearish correction may be round the corner.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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