XMR/USD Medium-term Trend: Ranging

Resistance levels: $52.50, $57.50, $62.50
Support levels: $40, $35, $30

Noticeably, XMR/USD market had declined southwards last week to break down the range within which it ranged on December 5 to feebly touch past the $42.50 mark on Dec. 7. Most of the last week’s ranging movements were majorly characterized by lower lows than lower highs.

This week’s new current range zones have been depicted at $47.50 and $42.50 marks on the chart. Price has been currently trading within the zone. The 50-day SMA is located over the Bollinger Bands. The Stochastic Oscillators have crossed and maintained a slight bent to point south. That could result in a consolidation move.

The December 8 spike in the market and its quick reversion has strongly denoted that there could still be a bulls’ trap during which another volatile price movement may suddenly occur. In other words, bears seem to have a better position of trading in the XMR/USD market right now.

There have been variant range levels in the XMR/USD short-term trending market over a few days. Today, the range zones are being observed around $47 and $45 market points.

Yesterday, the crypto rose visibly above the 50-day SMA to break the upper Bollinger Band to touch around $48.90 mark. Since then, the crypto has been experiencing lower lows than lower highs until now. The 50-day SMA and the lower Bollinger Band are now occupying a close location within the range. The Stochastic Oscillators are seemingly attempting to cross southward a bit above range 25.

As the market has now been currently trading around the 50-day SMA’s trend-line, it seems that more downward movements or lower lows are to be expected.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

156 +