XMR/USD Medium-term Trend: Ranging
Resistance Levels: $122.50, $124.50, $126.50
Support Levels: $170.50, $168.50, $166.50
XMR/USD market price line saw a significant spike within the middle Bollinger Band and lower Bollinger Band marked at $117.50 and $111.50 price levels. Today, the crypto made another notable spike that only eventually pushed the market price line northwards to touch the 50-day SMA from below.
Shortly, the crypto got pulled back below the middle Bollinger Band. The Stochastic Oscillators have crossed to point south. It shows that bearish probability is high in the XMR/USD market trading stance as at now. Nevertheless, traders are advised to wait for a decent reversal against the $112.25 level to come for a bullish market.
XMR/USD Short-term Trend: Bullish
In the short term, the XMR/USD market valuation has been using the price level at $113.25 as its strong foundation for making a rebound. Initially, as at today, a Japanese bullish candlestick emerged as both the 50-day SMA and Bollinger Band were breached northwards to touch the upper Bollinger Band from below.
The crypto made a correction after touching it to test $113.25 price level. The crypto has now pulled up to push harder against both the middle Bollinger Band and the 50-day SMA from below. The Stochastic Oscillators have crossed to point north from the overbought region. This denotes that upward trading positions are likely to be favored most.
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