- Sellers return above 100.00 level as the recovery momentum fizzles.
- Ascending channel breakdown confirmed on hourly sticks.
Monero (XMR), the 14th largest cryptocurrency with the current market capitalization of $1.6 billion and an average trading volume of $151 million, stalled its recovery momentum and came under fresh selling pressure over the last hours. The coin has retraced nearly 75% of its recent recovery and now looks set to retest Thursday’s low of 88.63 as the technical set up turns in favor of the bears. At the time of writing, XMR/USD trades near 93.90, having dipped to a low near 91.50 region.
Monero’s technical picture
The downside seems opening up, as the hourly chart displays an ascending channel breakdown after the prices breached the rising trend-line support at 96.58. The selling momentum gathered pace, as the bears now look to test the 90.00 round figure, below which Thursday’s low of 88.63 remains on the radar. The 5-hour Simple Moving Averaging (HMA) having crossed the 20-HMA from above also indicated the return of the sellers while a break below the 50-HMA accentuated the downmove. Meanwhile, the 14-day Relative Strength Index (RSI) fell below the 50 mark and also suggests that further downside remains in store.
However, a failure to breach the 90.00 support zone, the bulls can make a comeback in the near-term, in a bid to regain the 50-HMA now placed at 96.95. A sustained break above the last will offer a fresh boost to the buyers for another run towards the 100 mark.
All in all, the downside looks more compelling in the short-term.