Monero price could resume its downtrend as the channel resistance is holding but there could be a chance for a break higher. The 100 SMA is below the longer-term 200 SMA to confirm that the path of least resistance is to the downside.
This basically means that the selloff is more likely to resume than to reverse. Also, the 100 SMA dynamic inflection point lines up with the top of the channel to add to its strength as resistance.
RSI is already on the move down to indicate that sellers have the upper hand. Stochastic has also made its way down from overbought levels to signal a return in selling pressure.
This might be enough to take Monero to the channel support at $80 or at least the mid-channel area of interest at $100. Price recently spiked higher but was unable to sustain the gains.
Then again, the mid-channel area of interest is holding so far, signaling that buyers are still trying to put up a fight. XMR/USD Chart from TradingView Cryptocurrencies are still on the back foot, owing to recent security hacks and increased oversight in Japan. Read more from insidebitcoins.com…
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