XMR/USD Long-term Trend: Ranging
Supply zone: $100.00, $110.00, $120.00
Demand zone: $30.00, $20.00, $10.00
XMR long-term outlook is a range-bound market. The bullish doji that started last week trading session was a signal to the bulls gradual returned but confirmation came on 17th December after the formation of a bullish engulfing candle which closed above the10-EMA.
XMRUSD rose to $46.20 in the supply area after the breakout. The week just ended saw the cryptocurrency made a high of $57.17 after the bullish marubozu candle of 20th December.
The failure of the bulls to continue the upward price movement after the formation of marubozu was an indication of possible exhaustion as the bears stage a gradual return while the cryptocurrency goes into consolidation.
The cryptocurrency is ranging and trading between $65.00 in the upper supply area and at $38.00 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area will occur hence patience is required before taking a position.
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