XMR/USD Medium-term Trend: Ranging Resistance levels: $48, $50, $52 Support levels: $40, $38, $36

XMR/USD market trading sessions are being observed in a range mode around $44 mark until present. Basically, it has been featuring of lower highs as a result of a small notable drawdown that eventually occurred in the yesterday’s trading sessions while the USD appeared unable to push southwards more.

The crypto has now been keenly noticed to have been trading around the lengthy wall of the January 14 bullish candlestick formed between $46 and $42 price levels. Both the 50-day SMA and the Bollinger Middle Band have joined together a bit over the current market trading spot. The Stochastic Oscillators have crossed from the oversold zone to slightly point north at range 20.

It has now appeared that bulls have a brighter tendency of mustering their needful momentum around $44 and $42 marks to suggest a better positive assumption of their return in the market.

XMR/USD market has been in a choppy price moving manner since yesterday until the present time of writing. The short-term chart has shown the range movements as being within the $44 and $43 price levels.

Yesterday, before a decline occurred in the crypto-trade, the pair was initially found ranging closely to its $46 high mark of the market. The 50-day SMA is a bit located below the $46 horizontal line but above the Bollinger Bands with a small space between them. The Stochastic Oscillators have dipped into the overbought zone, and they appear making an attempt to point south.

Indicators still have it that bears are still relatively in control of this crypto-market, and as a result of that sentiment, traders are enjoined to keep an eye on a good sell set-up of the market to enter their position decently.

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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