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 remains in a range-bound market. The week just ended saw the bulls and the bears had equal dominance in the market. The week opened bearish at $46.63 on 20th January with low of the week same day at $43.31 in the demand area. This was below the two EMAs.

The bullish spinning top at $44.01 of 21st January signaled the bulls returned. The bulls aggressively pushed the cryptocurrency above the 10-EMA. XMRUSD rose to $47.83 as the high of the week on 24th January.

Price is hovering around the 10-EMA with the stochastic oscillator signal pointing up at 75% an indication of bullish continuation within the range.

The cryptocurrency is in consolidation and trading between $60.00 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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