XMR/USD Medium-term Trend: Bullish

Resistance levels: $44, $46, $48
Support levels: $36, $34, $32

The XMR/USD Medium-term trend could now be said having a bullish outlook as a formation of Japanese bullish candlestick has occurred to break the Bollinger Middle Band northwards today. On December 15, the crypto dropped slightly below $38 low mark.

While on the next day, Dec. 16, the crypto strived to recover as the said mark served as its support for the upswing price movements. Both the 50-day SMA and the Bollinger Upper Band have joined a bit below $42 market level. Price has been trading around the Bollinger Middle Band. The Stochastic Oscillators have crossed to point north below range 80.

The XMR/USD uptrend now looks getting been exhausted, and as a result, traders may now begin to look out for a good trade set-up on the chart to launch a short position.

In the short-term trend outlook today, XMR/USD has been pushing northward significantly after seeing a line of lower highs around the 50-day SMA. The Bollinger Middle Band has been broken northward, and the Bollinger Upper Band has once been traded against today.

Yesterday, the price movements of XMR/USD featured series of lower lows and lower highs a bit above the 50-day SMA. The 50-day SMA is located underneath the Bollinger Middle Band. The Stochastic Oscillators are seemingly consolidating within the overbought zone.

Bulls might now be getting weaker in the market; a strong reversal around $41 resistance could potentially suggest bear’s resurfacing in the trade.

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

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

172 +