2018-9-27 23:52 |
Key Highlights: Traders should take a long position at the lower level of the price range; the price may break out of the channel this week; there is a probability of further ranging movement within the territories. XMR/USD Long-term Trend: Ranging
Distribution Territories: $128, $140, $178,
Accumulation Territories: $102, $77, $45The upward movement of the cryptocurrency was rejected last three weeks at the distribution territories of $140 by the influx of the bears into the market. Bulls lost the momentum by the formation of bearish engulfing candles. The price was pushed to the accumulation territory of $102 after which the bulls gain momentum to increase the price but unable to reach the last high price.
The price started its range bound movement between the distribution territories of $128 and accumulation territory of $102. The price continues its ranging within the territories of $128 and $102 last week. The 4-day EMA is above the 50-day EMA on the daily chart with the price in between both 4-day EMA and 50-day EMA.
As at present the price is moving towards the accumulation territory of $102 with the formation of strong bearish candles. Trading can be done within the range by lookout for the opportunity to initiate a buying trade at a lower level of price and selling trade at a higher level.
In case the distribution level of $128 is broken, the pair will resume its upward movement and upper distribution territory of $140 will be exposed.
The MACD with its histogram is above zero level with the signal lines points downward indicates sell signaling. Traders should take a position in the direction of break out.
XMR/USD Price Medium-term Trend: RangingThe coin is ranging on the 4-Hour chart. Immediately after the formation of the bearish engulfing bar at the distribution territory of $140 last two weeks the price decreased to the low of $102. Bearish candles were formed and the price resumes ranging mode between the distribution level of $128 and the accumulation level of $102.
The price is moving towards the south with 10-day EMA below the 50-day EMA and the price below the 10-day EMA, which indicates that there is a probability for the downward movement this week. Should the accumulation territory of $102 holds the coin may continue ranging within the bound. However, MACD is below zero with its signal lines pointing upward suggesting that the bulls may take control of the market soon.
The post Monero (XMR) Price Analysis: Trends of September 26–October 2, 2018 appeared first on CoinSpeaker.
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