{"id":269446,"date":"2024-03-22T03:25:04","date_gmt":"2024-03-21T21:55:04","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=269446"},"modified":"2024-03-22T03:25:04","modified_gmt":"2024-03-21T21:55:04","slug":"xag-usd-tumbles-as-bearish-engulfing-pattern-looms-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/xag-usd-tumbles-as-bearish-engulfing-pattern-looms-crypto-news\/","title":{"rendered":"XAG\/USD tumbles as bearish engulfing pattern looms &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"fxs_article_content\">\n<ul>\n<li><strong>Silver prices see a significant drop to $24.75, shedding over 3% in response to a strengthening US Dollar.<\/strong><\/li>\n<li><strong>Technical analysis reveals a bearish engulfing pattern, despite a recent &#8216;golden cross&#8217;, signaling mixed signals for traders.<\/strong><\/li>\n<li><strong>The RSI indicates diminishing buying pressure, hinting at a potential bearish swing.<\/strong><\/li>\n<\/ul>\n<p>Silver&#8217;s price plunged on Thursday amidst a risk-off impulse, reinvigorating the US Dollar. Consequently, the grey metal dropped more than $0.70, or 3.15%, as the XAG\/USD traded at $24.75 after hitting a daily high of $25.77.<\/p>\n<h2 class=\"fxs_headline_medium\">XAG\/USD Price Analysis: Technical outlook<\/h2>\n<p>Silver is witnessing a downturn, as price action has formed a \u2018bearish engulfing\u2019 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/rates-charts\/chart\" data-fxs-autoanchor=\"\">chart<\/a> pattern in the last couple of days. Even though the 50-day moving average (DMA) has crossed above the 200-DMA, forming a classic \u2018golden cross\u2019 indicating that bulls are gathering steam, momentum suggests the opposite.<\/p>\n<p>The Relative Strength Index (RSI) is hovering just below 60 after peaking around 70, indicating that moderate buying pressure remains. However, the RSI&#8217;s descent from higher levels suggests that momentum might wane, and bears could gain ground.<\/p>\n<p>The recent pullback has seen the price retreat from resistance near the $26.00 mark. Immediate support is found near December\u2019s 22 high turned support at $24.60, followed by the $24.00 level. A breach of the latter could open a path towards the $23.00 area, marked by the previous cycle lows.<\/p>\n<p>On the other hand, an XAG\/USD daily close above $25.00 could pave the way for challenging yearly highs at $25.77, followed by last year\u2019s high at $25.91.<\/p>\n<h2 class=\"fxs_headline_medium\">XAG\/USD Price Action \u2013 Daily Chart<\/h2>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/image-638466492688595496.png\"><\/a><\/p>\n<p>\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Silver prices see a significant drop to $24.75, shedding over 3% in response to a strengthening US Dollar. Technical analysis reveals a bearish engulfing pattern, despite a recent &#8216;golden cross&#8217;, signaling mixed signals for traders. The RSI indicates diminishing buying pressure, hinting at a potential bearish swing. Silver&#8217;s price plunged on Thursday amidst a risk-off [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":4978,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,350,252,247,253,249,671,308,256,254,672],"class_list":["post-269446","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-metals","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-silver","tag-technical-analysis","tag-wallet","tag-wordpress","tag-xagusd"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/269446","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=269446"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/269446\/revisions"}],"predecessor-version":[{"id":269447,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/269446\/revisions\/269447"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/4978"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=269446"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=269446"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=269446"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}