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.
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