• XMR/USD market has been trading in a range formation around $60 and $70 price zones.
• A forceful rejection at a $70 mark may result in a drastic downturn of the crypto-trade.
• The bulls need to sustainably break northward past a $70 to solidify a bullish trend of XMR/USD trade.
Monero (XMR) Price Analysis
• Major supply zones: $80, $90, $100
• Major demand zones: $50, $40, $30
XMR/USD market values have been trading in a range formation around $60 and $70 price zones over a couple of days. Lately, the crypto-fiat pair traded below the $60 mark by featuring significant series of smaller ups than lows.
Noticeably, the crypto has made some attempts to break northward past a high value at the $70 mark but, it has not succeeded. And, now, price continues to move closer to the lower range zone. A downward breach of the lower range line will cause a drastic downturn in the crypto-economy.
Monero (XMR) Technical Indicators Reading
The 50-day SMA indicator is at a $50 major demand zone below the 14-day SMA trading indicator. Various small trading Japanese candlesticks are formed a bit above the trend-line of the smaller SMA indicator to signify an ongoing range price movement in XMR/USD market. The Stochastic Oscillators have over the time been moving around ranges of 80 and 60 in a consolidation mote to align with the range reading of the SMA indicators.
XMR/USD market will be pervaded by smaller ups in the next trading sessions. However, a breakout coupled with a quick retracement at a rejection point at $70 mark, may cause a selling pressure to the tune of a lower value of $40. Meanwhile, if the bulls eventually succeed in keeping above the $70 line, a higher price value than $80 will be achieved.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.