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. $42.08 in the demand area was the low while $50.69 in the supply area was the high of the week as the cryptocurrency continues in the range.

The bullish engulfing candle at $43.71 on 8th February manages to break both EMAs but closed below the 50-EMA and ended the trading week a doji signaling  a possible brief bears comeback ahead.

Price is above the 10-EMA with the stochastic oscillator signal pointing up 74% an indication of upward momentum 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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