XMR/USD Medium-term Trend: Bullish Resistance levels: $54, $56, $58 Support levels: $45, $43, $41

Monero has been relatively pushing northwards against the US dollar since yesterday’s last four-hour trading session as established on the chart. The crypto struggled to rise after experiencing a shortfall below $48 mark to now push northbound briefly past $50 point.

Lately, on February 14 and 16, the pair had been seen traded towards $46 price level below both the Bollinger Middle Band and the 50-day SMA indicators. Now, the aforementioned indicators are almost conjoint a bit over the $48mark as price has been trading around the Bollinger Upper Band above the $50 point. The Stochastic Oscillators have dipped into the overbought zone to seemingly crosshairs.

That could be a signal to begin a consolidation movement within it. Whilst this crypto still eventually fails to push northwards further in its present consolidation movement, it means bears will definitely take up the market force downwards again.

There has been a significant dominion of upturn price movements in the XMR/USD short-term trend today. The market has averaged $52 mark shortly while it rose from around $48.55 low price level.

Yesterday, the pair traded along with the Bollinger Middle Band closely underneath the 50-day SMA. In the short run, the market eventually gained the strength to rebound gradually towards the end of trading sessions. The market has been trading around $51 mark where Bollinger Upper Band is now located.

The Stochastic Oscillators are now consolidating within the overbought zone. That could be a signal that bulls are getting weak gradually in the market.

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

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