Monero Price Analysis: XMR/USD charts bearish engulfing pattern
- XMR/USD charted a bearish engulfing pattern as the price went down from $71.50 to $68.70.
- Bulls need to protect support at $67 to prevent further downward movement.
Bears took over the XMR/USD this Tuesday following two consecutive bullish days. The bears garnered enough momentum to chart a bearish engulfing pattern which means that the price is probably going to go down even lower. The bulls need to protect the $67 support level to prevent further downward momentum.
XMR/USD Daily Chart
-636904490389382155.png)
- XMR/USD met massive resistance at the $71.50 level and went down to breach past the support offered by the upward trending line.
- Currently, the market found support at the 200-day simple moving average (SMA 200) curve.
- If the bulls don’t rally together to protect the $67 support level, the price may go all the way down to $57, the next prominent support level.
- The relative strength index (RSI) indicator curve has creeped out of the overbought territory.
- The signal line is about to converge with the moving average convergence divergence (MACD) line in the MACD indicator, which shows decreasing bullish momentum.
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.
More from Rajarshi Mitra
