MONERO (XMR) Long-Term Price Forecast

Fibo Quantum

XMR/USD Long-term Trend: Ranging

Supply zone: $120.00, $140.00, $160.00
Demand zone: $80.00, $60.00, $40.00

XMR long-term outlook remains in a range-bound market. The strong bullish pressure within the range was confirmed on 2nd November after the close of the bullish candle above the 10-EMA at $1107.78 in the supply area. Increased bullish momentum with the bullish engulfing candle pushed XMRUSD to $113.91 above the two EMAs on 4th November.

$114.84 in the supply area was the high attained by the cryptocurrency on 6th November closing as a spinning top which implies exhaustion. The bears’ gradual return was further confirmed with a bearish engulfing candle that dropped XMRUSD to $108.69 in the demand area on 8th November below the 10-EMA.

The cryptocurrency went further down to $104.00 in the demand area before the week ended.

This new week opened lower at $105.36 compared to last week opening at $107.38. Which suggests more bears pressure may be seen this week to pushed XMRUSD to a new lower low before the new trading week ends.

The cryptocurrency is in consolidation and trading between $115.26 in the upper supply area and at $100.74 in the lower demand area of the range. Patience should be exercised during this period. A breakout at the upper supply area would be good for long position while a breakdown at the lower area would serve for short position with reversal candles formation as confirmation in either scenario.




The views and opinion as expressed here do not reflect that of and do not constitute financial advice. Always do your own research