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 continues in a range-bound market. $42.08 in the demand area was the low while $50.69 in the supply area was the high of the week as the cryptocurrency continues in the range.
The bullish engulfing candle at $43.71 on 8th February manages to break both EMAs but closed below the 50-EMA and ended the trading week a doji signaling a possible brief bears comeback ahead.
Price is above the 10-EMA with the stochastic oscillator signal pointing up 74% an indication of upward momentum within the range.
The cryptocurrency is in consolidation and trading between $60.00 in the upper supply area and at $40.00 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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