XMR/USD Long-term Trend: Ranging

Supply zone: $120.00, $140.00, $160.00
Demand zone: $80.00, $60.00, $40.00

XMR long-term outlook is in a range bound market. The failure of the bulls to sustained the momentum at $128.65 in the supply area led to the bears returned. Long-tailed doji formation followed by a large bearish engulfing on 24th September dropped XMR at $110.85. in the demand area.

The bears come back after the bullish pullback at $122.14 in the supply area pushed the coin further down to $107.80 in the demand area as XMR ranges.

The cryptocurrency is in consolidation and trading between $132.02 in the upper supply area and at $103.80 in the lower demand area of the range. Patience should be exercised during this period. A breakout at the upper supply area would imply long or breakdown at the lower area would mean short position.

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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