XMR looks like the best of a bad bunch

Monero trades just over 2% lower but the chart structure is better than most of its counterparts.
The pair is still making higher highs and higher lows which is a great sign for the bulls.

XMR/USD 1-hour chart

Although Monero is trading lower on Wednesday the chart is still looking pretty bullish on the hourly chart. This is one of the most bullish charts as it is still consistently making higher lows and higher highs. The next big hurdle for the pair is 50.00 and at the moment there does not seem like there is enough momentum to reach the psychological zone.

Looking at the indicators on the chart, the price is above both 55 and 200 moving averages. The RSI has just dipped below the 50 mid-line which is one negative point. The volume is also looking pretty thin but the big spikes are from the end of the sell-off where the market found support.

Looking ahead now, it’s hard to take long trades as the higher timeframes are so bearish. Countertrend trading can be useful but it is recommended to keep the risk more controlled.