- There has been a series of lower highs in the market valuation of XMR/USD.
- There’s every possibility that the market will prolong its current range moves without much changes.
- XMR/USD’s price may eventually rally towards touching a supply zone at a $70 mark afterward.
Monero (XMR) Price Analysis
• Major supply zones: $70, $80, $90
• Major demand zones: $40, $30, $20
Visibly, there has continued to be a series of lower highs in the market valuation of XMR/USD. Monero’s price had initially suffered a loss against the US dollar down to a lower point below $30 line. Yet, the crypto’s worth has been pushing higher against its counter instrument.
The seller’s pressure may not be on a high mote as there has no indication currently to signal a change in XMR/USD market activities. Based on that assumption, there’s every possibility that the market will prolong its current range moves without much changes.
Monero (XMR) Technical Indicators Reading
The 50-day SMA has been crossed by the 14-day SMA from underneath. The smaller SMA indicator now slightly points to the north-east direction to signify an ongoing range price moves in XMR/USD market. The Stochastic Oscillators have been consolidating around 80 and 60 ranges for quite a while. That equally adds to the confirmation of the range moving status of the market. Therefore, traders need to practice some degree of cautiousness in exerting orders at the time of writing.
As ever since XMR/USD trade has set on a slow-moving rebound process, there has been no forceful spike to capitalize on its safety to launch a long position. However, the current rally moves may exist towards touching a supply zone at a $70 mark afterward. In the meantime, a re-cross of the bigger SMA trading indicator by its smaller part will potentially lead XMR/USD’s price to averagely trade towards its previous low at a $30 value.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.