XMR/USD Long-term Trend: Ranging

Supply zone: $100.00, $110.00, $120.00
Demand zone: $30.00, $20.00, $10.00

XMR long-term outlook remains in a range-bound market. The New Year started with the formation of a bullish railroad on 1st January at the coin rose to $49.83 in the supply area. The bullish momentum within the range was lost after a push to $55.28 on 2nd of January.

The bears' pressure was strong after the bearish railroad and XMRUSD made a low at $50.34 in the demand area as they continue to push price down within the range.

Price is around the two EMAs and the stochastic oscillator signal is in a parallel line at 49%. This connotes a ranging scenario.

The cryptocurrency is in consolidation and trading between $60.50 in the upper supply area and at $38.50 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area will occur hence patience is required before taking a position.

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

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