- XMR/USD trade in its current market consolidation movement may be prolonged to allow the bears to still grab the hold of the market direction.
- Traders are to be wary of following the trend to the downside as there could as well be a sudden bearish reversal in the market.
XMR/USD Medium-term Trend: Bearish
- Resistance levels: $54, $56, $58
- Support levels: $46, $44, $42
XMR/USD trade worth has been witnessing a notable slight downward movement in its valuation since the start of this week’s trading sessions. Initially, the pair was seen hovering along its 14-day SMA indicator in conjunction with the Bollinger Middle Band as they are very near on the chart.
On March 25, the crypto eventually briefly got weaken to find a lower level around $50 mark. The 50-day SMA and the Bollinger Middle Band are closely located at $52 point above the present trade point. The Stochastic Oscillators are now consolidating around range near the oversold zone.
The current market consolidation movement may be prolonged to allow the bears to still grab the hold of the trade direction. Nevertheless, traders could be on the lookout for a good buy set-up while it comes up with price action.
XMR/USD Short-term Trend: Ranging
The XMR/USD market shows up a line of notable lower lows majorly under the trend line of its Bollinger Middle Band in the short-term run outlook. Yesterday, the crypto-market witnessed a slight fall in the market.
Currently, the market has been hovering around a market horizontal line at $0.29 mark. All trading indicators are located around range spots now found at $0.3 and $0.29 points. The Stochastic Oscillators are now seemingly attempting to consolidate around range 20 near the oversold zone.
The XMR/USD market may still get sink southwards while the bears increase their force even in the current consolidation price movement. Traders may need to wait for a strong reversal of the current trend to consider a long position entry.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.