- XMR/USD trade now appears attempting to build a foundation around its 50-day SMA for a swing up-rise later on in the market.
- The pair may still need to face a degree of price consolidation movements during which bears may have a way for a while during the process.
XMR/USD Medium-term Trend: Ranging
- Resistance levels: $56, $58, $60
- Support levels: $48, $46, $44
On March 16, the XMR/USD market managed to stride into other upper range zones which have been around which its movements are still seen. The range market movements now dominate around its $52 lower range spot.
The 50-day SMA and the Bollinger Lower Band are conjoint a bit above range $50 mark. The Bollinger Middle Band is located a bit over the lower range point to signify that the market is slightly under short falling pressure. The Stochastic Oscillators have briefly dipped into the oversold zone.
There are indications that the crypto-market is now trying to build a foundation around its 50-day SMA in a near time. However, traders should be wary of a long consolidation movement around the 50-day SMA that can as well come up in the market.
XMR/USD Short-term Trend: Bearish
XMR/USD market short-term run shows a slight decline in its valuation today. Earlier on while the market averaged $53 price level, it lost out momentum to surpass it.
Therefore, the US dollar takes up the market charge to push slightly towards $51 low trade point. The 50-day SMA is located between the Bollinger Upper and Middle Bands within $53 and $52 marks. The Stochastic Oscillators now seemingly point north-east within ranges 40 and 20.
Indicators still signify that there could soon be coming off more range market movements if the bulls take up the force. However, the bears may have their way through in the market by making a consolidation movement for a while.
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