XMR/USD Medium-term Trend: Bearish

  • Resistance levels: $50, $52.50, $55
  • Support levels: $37.50, $35, $32.50

XMR/USD was formerly experiencing a series of range price movements prior to an emergence of a bearish candlestick in the market on January 10. The sudden sharp decline occurred under the Bollinger Middle Band sell-signal line as both the 50-day SMA indicator and the Bollinger Lower Band were breached southwards in the running.

Thereafter, the crypto slightly started to move in a range mode around $45 market level for about three to four days. The 50-day SMA is found over the Bollinger Bands. The stochastic Oscillators are seemingly attempting to cross between ranges 40 and 20.

A strong further push against the Bollinger Lower Band at $43 mark may cause a free-fall of the market and may as well lack long sustainability.

XMR/USD Short-term Trend: Ranging

The XMR/USD market valuation has been basically ranging between $44 and $42 price levels since the start of today’s trading sessions. As at the time of writing, price has been ranging along with Bollinger Middle Band.

Yesterday, the crypto experienced a sudden decline in its market line from around $44 to test $42 mark. The 50-day SMA is a bit over the Bollinger Band with a tiny space between them. The Stochastic Oscillators are attempting to close hairs at around range 40.

To some extent, the XMR/USD market is still under selling pressure and it may take the crypto a while to survive coming out of it especially when the 50-day SMA remains unbroken northward.

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

Original Article


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.