XMR/USD Medium-term Trend: Bearish Resistance levels: $48, $50, $52 Support levels: $40, $38, $36

The US dollar trade worth has been prevailing over the XMR market stance since the commencement of trading activities today. The crypto has been majorly facing a variant period of resistances around $46 mark over the time.

As at current, price has now appeared slowly pushing southwards past the January 20 market low point. The 50-day SMA finds a close location below the Bollinger Middle Band and they are both between $46 and $44 price levels. The Stochastic Oscillators have freshly dipped into the oversold zone, and they still point southwards within it.

Market consolidation movements may soon be experienced in this crypto-trade to affirm the bears trading positions for a while. Meanwhile, a strong reversal could emerge later on between $44 and $40 marks to possibly signify bulls return into the market.

XMR/USD market in the short-term run had been experiencing a significant range movement until yesterday trading sessions. Today, the crypto has eventually softened its stance to allow the US dollar to take the market ride after a short notable line of range movements.

The market has now been trading around $43 price level closer to the Bollinger Lower Band. The 50-day SMA is a bit located above the Bollinger Middle Band at around $45 market horizontal line. The Stochastic Oscillators have crossed and dipped back into the oversold zone.

Yet, bears have assumed a larger percentage of sentiments against the backdrop of seeing a bullish market condition as soon as possible for now. Nevertheless, shorting or entering of short position could as at now lead to bear’s trap.

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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