XMR/USD Medium-term Trend: Ranging
- Resistance levels: $57.50, $62.50, $67.50
- Support levels: $45, $40, $35
The marks of $55 and $50 have been the range zones around which XMR/USD market has been witnessing a variant price ranging moves since January 2. The crypto’s last low price valuation was initially observed sitting at around $45 last year, 2018.
Yesterday, the currency pair suddenly got a notable push northwards to touch the upper range zone. Today, the market point has been serving as a strong resistance as the US dollar has briefly taken over the driving force. About a couple of days, there has been a short space between the 50-day SMA and the Bollinger Middle Band while the latter is located above the former. The Stochastic Oscillators have crossed to point south at around range 60.
Going by SMA indicators, traders are expected to be on the lookout for a good buy set-up that could emanate from a slight dump of the market. A fierce breakdown of both the 50-day SMA and $47.50 mark could cause a partial suspension of taking long entries.
XMR/USD Short-term Trend: Ranging
Today, XMR/USD market has been majorly experiencing choppy price movements around $55 and $52.50 marks. Yesterday, according to the chart, the crypto ranged tightly along with $50 market line.
As at now, the market has been hovering around the lower range The 50-day SMA is located below the Bollinger Bands. The Stochastic Oscillators have dipped into the oversold zone to consolidate within it. That shows that the crypto is still relatively under selling pressure.
A strong push southward against the 50-day SMA may allow bringing about a new low market line between the marks of $47.50 and $40 while a reversal against the said indicator could result in having a high valuation of between $55 and $60 points.
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