MONERO (XMR) Daily Price Forecast – February 11

XMR/USD Medium-term Trend: Ranging

  • Resistance levels: $52, $54, $56
  • Support levels: $42, $40, $38

XMR/USD market worth has been choppily trading within $50 and $46 marks since the trading sessions commence this week. After a long range of price movements last week, the crypto like most others in its category swung northwards to approach $50 mark on February 8.

The Bollinger Middle Band is located between $48 and $46 levels as price has also been hovering within them. The 50-day SMA is found around $44 level while the Bollinger Bands are situated over it. The Stochastic Oscillators have slightly dipped into the oversold zone to probably suggest the weakness of bears in the market.

Price levels towards the 50-day SMA indicators may now be used by bulls to conveniently launch a coming back into this crypto-trade.

XMR/USD Short-term Trend: Bearish

The market worth of XMR/USD has been on a relative decline in the short-term run in the last couple of hours today. Yesterday, there was a notable increase during the trading sessions as the pair managed to record a high point slightly over $49 mark.

As at now, the market has been trading around $47 level. The Bollinger Middle Band and the 50-day SMA are also almost conjoint at the aforementioned spot. The Stochastic Oscillators appears to have briefly opened hairs below range 20 in the oversold zone. That could possibly be a signal for seeing more ups than downs in this crypto-trade.

If the bulls lack the catalyst to break and hold above the 50-day SMA, then bears may have to press down the market in their own direction.

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

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