XMR/USD Medium-term Trend: Ranging

Resistance Levels: $120.75, $122.75, $124.75
Support Levels: $111.,75 $1110.75, $1109.75

A notable Japanese bearish candlestick suddenly emerged during the trading sessions of the XMR/USD market yesterday. The candlestick signified a specific decline in the crypto’s market valuation between the middle Bollinger Band with the 50-day SMA and the lower Bollinger Band.

The crypto maintained its ranging movements by successively featuring lower highs between both the middle and the lower Bollinger Bands throughout yesterday. A few hours ago, the crypto was ranging below the middle Bollinger Band but, it has now been able to move northwards past it slightly within the range-bound zone of $117.75 and $111 levels. The Stochastic Oscillators have moved upward from range 20 to point north. This signifies that more ups can still be expected in the market of this crypto.

The Market price value of Monero suffered a considerable amount of decline after witnessing a different of lower highs yesterday. The crypto began declining while it choppily moved northward to touch the upper Bollinger Band at around $115.25 price level downwards back to $111.55 price level.

A series of lower highs were witnessed during major trading hours yesterday before its runs-out. Today, both the middle Bollinger Band and the 50-day SMA are separated by a small gap as the latter has moved closer to the upper Bollinger Band. Price action has now been successfully breached northbound past both the 50-day SMA and the upper Bollinger Band. The Stochastic Oscillators have briefly touched into the overbought zone. This could either mean a buying activities continuation or, an expectation of upward price correction to take place very soon in the market of this crypto.

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

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