- The long-term outlook is in consolidation.
- The bulls remained in control of the market.
XMR/USD Long-term Trend: Ranging
Supply zone: $100.00, $110.00, $120.00
Demand zone: $30.00, $20.00, $10.00
XMR is in a range-bound market in its long-term outlook. The bearish momentum remained strong with a further drop in price to $60.10 in the demand area on 25th April. This occurred with a large bearish engulfing candle that broke the two EMAs.
The lack of pressure for downward continuity results in bearish exhaustion as the bulls gradually returned and price already up at $65.85 in the supply area as the cryptocurrency enters the range.
The stochastic oscillator signal points up at 38% and price is above the 50-EMA an indication of bullish pressure thus upward momentum in price within the range may occur and a possible breakout in the days ahead.
$72.00 is the upper supply area while $60.00 is the lower demand area of the range. A breakout or a breakdown may occur, hence the need for patience and a retest before taking a position in the short-term.
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.