Crypto Technicals: Monero (XMR) breaches 'Wedge Base' support, hovers around 78.6% Fib, bias bearish

XMR/USD chart - Trading View

Exchange - Kraken

Support: 54.90 (78.6% Fib); Resistance: 61.21 (21H EMA)

Technical Analysis: Bias Bearish

Monero (XMR) edges lower from session highs at 61.73, recovery capped below Wedge base.

XMR/USD is extending previous session's plunge, was trading 1.51% lower on the day at 58.19 at 10:30 GMT.

Rising volatility, bearish MACD crossover on signal line and strong bearish momentum to see further weakness.

That said, oscillators at oversold levels and price action below lower Bollinger band raises scope for minor upside or consolidation before next leg lower.

Immediate support is seen at 78.6% Fib at 54.90 ahead of 49.45 (Mar 26 low). Break above 5H SMA (58.84) to see gains upto 21H EMA at 61.23.

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