Key Highlights
There is a Bearish Confimation Pattern in the Monero daily chart;
the more the price goes donwwards, the higher the probability of a strong rally, which may happen anytime;
traders are advised to speculate only on what they see.
XMR continues its downwards trending after breaking of $130 distribution level. The southwards movement started after consolidation for one week and the 4-day EMA crossed the 50-day EMA downward. Sellers are putting more pressure on the pair, and the price is sliding further downwards. The price is moving away from the 50-day EMA on the Daily chart, which indicates a downwards trend continuation.
Minor Accumulation level of $70 has been tested by the coin, and a bullish retracement is possible (which is supposed to be temporary). The cryptocurrency is presently exposed to the strong accumulation level of $70. Should the strong accumulation level get broken, the pair will experience further downward movement and get exposed to another strong accumulation level at $50. The MACD, with its histogram below the zero level, and the signal lines pointing downwards, indicates that the price may still move down.
https://www.coinspeaker.com/2018/08/16/monero-xmr-price-analysis-trends-of-august-16-22-2018/
