Monero holds of 50.000 but for how long?

• Monero underperforms the rest of the crypto markets and it moves to the bottom of the technical pattern.
• Since June XMR/USD has fallen from 120.00 down to 56.000 a massive 53%.

XMR/USD is in a clear downtrend and in around five months has lost a massive 53%.

It does look like XMR is trying to base out but the price is hugging the bottom of the falling wedge pattern.

The relative strength indicator (RSI) is still depressed but is not at oversold levels just yet.

The resistance level that traders are looking out for is the psychological 60 point.