XMR/USD Medium-term Trend: Ranging

Resistance levels: $70, $80, $90
Support levels: $45, $35, $25

The XMR/USD price line continues to witness ranging movements as it did during the last week’s trading sessions. The crypto-market point has been dangling along with both the middle Bollinger Band and the 50-day SMA around the $60 and the $55 marks over a few days.

On November 28, the crypto managed to reach a $65 market high. Around November 30, the market got pressed southwards slightly against the middle Bollinger Band and the 50-day SMA. All trading indicators are located around the range boundaries. The Stochastic Oscillators are attempting to cross either to point at the north direction or to conjoin at range 25.

It’s worthwhile to stay off the market now for a while to allow a strong price action to come up in the XMR/USD market in order to be able to get a good direction. But, investors may consider joining the market while it dips a bit further.

The market marks between $58 and $56 are the range boundaries that have been maintained in the XMR/USD trade in the short-term trend today. There is a notable short bearish candlestick that engulfed the whole range marks but in the succeeding hours, the crypto has been featuring lower lows and lower highs within the said range until present.

The 50-day SMA is located over the middle Bollinger Band at around the upper Bollinger Band. The Stochastic Oscillators have headed north below range 40.

The market may still push southward to test around $52 or $50 market points, and a reversal could also occur in the long run.

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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