- Monero is over 2.5% lower as general crypto sentiment remains weak.
- Both the RSI and MACD are looking very bearish but are at overextended levels.
XMR/USD daily chart
Looking at the chart below, its clear to see that the price action is very bearish. The market is still making lower highs and lower lows and stalled just ahead of 50.00. The last major drop in the pair took the price to find a low of around 45.00. From there the price rallied over 100% to over 95.00.
Looking at the indicators now and the RSI has moved into oversold conditions. A break of 30 is normally considered as oversold but some traders look for a more extreme 20. The MACD is also very bearish at the moment with the histogram making a new wave down after the previous wave was pretty extreme. Also the two (12,26) average lines are at depressed levels not even looking like turning at the moment.