XMR/USD Long-term Trend: Ranging

Supply zone: $100.00, $110.00, $120.00
Demand zone: $30.00, $20.00, $10.00

XMR long-term outlook continues in a range-bound market. $51.40 in the supply area was the high of the week while $46.10 in the demand area was the low of the week as the cryptocurrency continues in the range.

The formation of an inverted gravestone doji on February was a good signal that the bears are back in control. The large bearish engulfing candle on 14th February was consequent of the bears' pressure.

Price is below the two EMAs with the stochastic oscillator signal pointing down at 62% an indication of downward momentum within the range.

The cryptocurrency is in consolidation and trading between $55.00 in the upper supply area and at $40.00 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area will occur hence patience is required before taking a position.

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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