XMR/USD Medium-term Trend: Bullish

Resistance levels: $117.50, $120, $122.50
Support levels: $100, $97.50, $95

The XMR/USD market has been very vigorously striving to recover from the previous major October 10 price decline. After a few variant levels of ranging movements, the crypto surged northwards harder against the US dollar market valuation, yesterday to test the $113 price line.

Presently, the market line has been traded at the upper Bollinger Band location around the $112. Both the upper and lower Bollinger Bands are over the 50-day SMA’s trend-line. The Stochastic Oscillators have dipped into the overbought zone and, they have now crossed to briefly point south at range 75.

A convergence of candlesticks is now seemingly being formed between $112.50 and $110 price levels. That denotes that the crypto is losing momentum. Traders may wait for a decent reversal from a downward price movement to launch a long entry.

There has been a witness of lower lows and lower highs in the XMR/USD market valuation today basically between the $112 and the $11o price lines. Yesterday, the market experienced an upsurge in its price movement from $105.50 to $113 or thereabouts.

The market point is currently maintained around the middle Bollinger Band fluctuating. The 50-day SMA is located below the Bollinger Bands. The Stochastic Oscillators have crossed to point south at range 50. At this point in time, a bearish market is most likely to be favored as long as the market does not break past the $114 resistance level to hold long above it.

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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