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.
XMR/USD Short-term Trend: Bullish
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.
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