Ken Chigbo
Independent Analyst
- XMR/USD seen down over 5% on Thursday, resuming the downward trend.
- Monero price is bouncing within a falling wedge pattern on the 4-hour chart.
The Monero price has resumed the longer-term trend within the bears territory, seen down as much as 5% on Thursday. Monero was temporarily on a mission to recover some of its heavy losses, encountered over the past couple of weeks.
XMR/USD has been moving lock-step with the rest of the crypto market, which has seen the short term bullish sentiment take a knock again. This came as worries grew among investors, much FUD, sparked by the latest actions taking by some of the big names within the social media space, in their cracking down on cryptocurrency advertisements.
Technically, XMR/USD is moving within a falling wedge pattern, observed on the 4-hour time frame, the formation running from the start of March. Within recent trading the price gave up some temporary support seen at the 50 MA for the 4-hour period, at $210. Next support eyed at lows seen on 14th March, $197, then 18th March lows at $174. Resistance is seen at the upper trend line of the wedge pattern, tracking at $220.
XMR/USD 4-hour chart
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