XMR/USD Long-term Trend: Ranging

Supply zone: $100.00, $110.00, $120.00
Demand zone: $50.00, $40.00, $30.00

XMR long-term outlook is in a range-bound market. The flag formed in last week long-term analysis dropped the cryptocurrency at $53.16 in the demand area on 26th November. It was the second time price will touch this area, the first touch was on 20th August 2017.

The bullish railroad formed after the close of session on 27th November signalled a trend reversal and the bulls’ gradual return as XMRUSD was up at $59.98 in the supply area.

Increased bullish momentum pushed price up to $66.47 in the supply area as XMRUSD was rejected for further upward movement by the10-EMA which acted as a strong resistance. This briefly returned the bears' price dropped to $55.93 in the demand area on 30th November

XMRUSD is in consolidation and trading between $80.25 in the upper supply area and at $52.80 in the lower demand area of the range. A breakout at the upper supply area will suggest a long position while a breakdown at the lower area will mean to go short. Patience is required to allow this to happen before a position is taken.

The views and opinion as expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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