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. $47.03 in the supply area was the high of the week as the bears dominate the market to $42.08 in the demand area as the low of the trading week.

The bears ensured that the cryptocurrency stays below the 10-EMAs throughout the week just ending.

Price is obviously below the 10-EMA with the stochastic oscillator signal pointing down at 21% an indication of bearish 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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