XMR/USD Medium-term Trend: Ranging
Supply zones: $200.00, $210.00, $220.00
Demand zones: $60.00, $50.00, $40.00
XMR continues in the range in the medium-term outlook. The sideways market continues as bullish pressure managed a push of price to $91.56 in the supply area and lost momentum with an inverted bearish pinbar formation.
The bears gradually returned due to bearish railroad formation with the 4-hour opening candle at $88.97. Price is currently at $88.34 in the demand area with room for further downward movement within the range.
The stochastic oscillator is in the oversold region at 15% and its signal parallel to a reflection of the consolidation scenario.
XMR continues ranging and trading between $100.00 in the upper supply area and at $80.81 in the lower demand area of the range. Patience should be adopted as the coin ranges to allow for a breakout or breakdown before taking a position.
XMR/USD Short-term Trend: Ranging
The cryptocurrency returns to the range in the short-term outlook. The bears’ momentum loss could not push the cryptocurrency pass $88.34 in the demand area as the coin enters consolidation.
The stochastic oscillator is in the oversold region at 7% with signal parallel which reflects of the ranging scenario.
The cryptocurrency is in consolidation and trading between $94.69 in the upper supply area and at $87.63 in the lower demand area of the range. Traders should be patient for a breakout or break to happen before flowing along.
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