Monero (XMR): Double bottom pattern breakout spotted

  • Monero is among the assets drowning in the sea of red.
  • The selling pressure could see Monero extend declines to test $50.00.

The crypto market is still bleeding in spite of experts’ remarks that we are nearing a bottom and we should be expecting a reversal. Monero is among the assets drowning in the sea of red. XMR/USD is down 4.8% on Wednesday while still extending losses according to the DMI signal on the hourly range.

The 50 SMA is moving further beneath the 100 SMA to show that the sellers are still gaining ground against the bulls. The RSI on the same range is heading south. The selling pressure could see Monero extend declines to test $50.00.

There is a double bottom pattern formed on the same chart. The asset is lagging reaction to the bullish pattern. Besides, immediate resistance is faced at $56 (marginally above the 50 SMA). The longer term 100-day simple moving average is positioned to limit gains at $57.69, below the short-term bearish trendline.

Monero has two supply zones; at $62.00 and $66.00. A break above these resistance zones will pave the way for more upside movement that are likely to bring $70.00 insight. Meanwhile, it is essential the buyers maintain the support at $53.00 to avoid declines below the $50.00 mark.

Elsewhere in the market, Monero (XMR) has been added to a Swiss-based bitcoin and crypto services firm that boasts having a good ATM network. The users on the platform will be able to purchase XMR in all the ATM machines. Monero now enjoys support on the platform which recently added Ethereum (ETH).

XMR/USD 1-hour chart

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