XMR/USD Long-term Trend: Ranging
Supply zone: $120.00, $140.00, $160.00
Demand zone: $80.00, $60.00, $40.00
XMR long-term outlook remains in a range-bound market. The strong bullish pressure within the range started weakening at $112.35 in the supply area on 23rd October. The formation of bearish tweezer top confirmed the bears full take over.
The bearish momentum was sustained as XMRUSD made a low of $106.58 and $102.71 on 26th and 28th October respectively.
Price is below the two EMAs and the stochastic oscillator is in the oversold region at 18%. These suggest further downward price movement within the range as the bears’ pressure becomes much stronger.
The cryptocurrency is in consolidation and trading between $115.26 in the upper supply area and at $100.74 in the lower demand area of the range. Patience should be exercised during this period. A breakout at the upper supply area would be good for long position while a breakdown at the lower area would serve for short position with reversal candles formation as confirmation in either scenario.
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